💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Kuwait's Zain swings to Q4 net profit

Published 03/04/2011, 02:34 AM
Updated 03/04/2011, 02:36 AM

* Q4 profit $190 million according to Reuters calculation

* 2010 net profit $3.67 billion

(Adds details)

KUWAIT, March 4 (Reuters) - Kuwaiti mobile operator Zain swung to a small profit in the fourth quarter, according to Reuters calculations, missing analysts' estimates.

Zain, subject to a $12 billion takeover bid from UAE's Etisalat, posted a fourth-quarter net profit of $190 million compared with a net loss of 0.7 million dinars ($2.52 million) a year earlier.

Analysts polled by Reuters estimated an average fourth-quarter net profit of 78.7 million dinars ($283.4 million).

Reuters calculated figures based on previous financial statements as Zain did not provide quarterly data. The company posted a net profit of 976 million dinars ($3.48 billion) in the first nine months of 2010.

Zain, which completed the sale of its African assets last year, reported a 2010 full-year profit of $3.67 billion dollars, a company statement said, up from 195 million dinars ($702.2 million) in the previous year.

(Reporting by Eman Goma; Editing by Erica Billingham)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.