Zain, Kuwait's No.1 telecom operator, has said foreign exchange losses were to blame for a 32 percent drop in fourth-quarter profit.
The former monopoly, which operates in eight countries in the Middle East and Africa including Iraq, Saudi Arabia and Sudan, made a net profit of KD50.47m ($179.04m) in the three months to December 31, down from KD74.6m in the year-earlier period.
Analysts polled by Reuters on average forecast a quarterly profit of KD63.7m.
Read more: http://www.arabianbusiness.com/kuwait-s-zain-sees-q4-net-profit-slump-489595.html
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