Zain, Kuwait's No1 telecom operator, 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 50.47 million Kuwaiti dinars ($179.04 million) in the three months to December 31, down from 74.6 million dinars in the year-earlier period.
Analysts polled by Reuters on average forecast a quarterly profit of 63.7 million dinars. Zain proposed a dividend of 0.05 dinars per share for 2012.
"Last year was difficult for Zain group due to sharp fluctuations in currency rates," Zain said in a statement, adding these fluctuations led to losses of $109 million.
Read more: http://www.gulfbase.com/news/zain-blames-profit-drop-on-currency-losses/229303
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