Zain Saudi narrows loss as subscribers grow

Mobile Telecommunications Co Saudi Arabia (Zain Saudi Arabia) said yesterday its second-quarter net loss narrowed to 448 million Saudi riyals (Dh438.56 million), from 632 million riyals a year ago, as the heavily-indebted telco added subscribers. Riyadh-based NCB Capital had expected the telecom firm to post a net loss of 418 million riyals, while analysts at Cairo-based EFG-Hermes had pencilled in a net loss of 507 million riyals. Zain Saudi Arabia, in a statement posted on the Saudi bourse website, said revenues in the three month period ended June 30 surged to 923 million riyals, from 608 million riyals in the year-earlier period. The company attributed its improved second-quarter performance to an expanding customer base through new services, packages and marketing plans. The Riyadh-listed telco's shares closed down 0.76 per cent to 6.50 riyals yesterday. From / Gulf News