Telecom Firm Zain Saudi Arabia reports net loss of $175.2m

Zain-logoLeading Saudi mobile phone operator-Zain Saudi, having 18 percent market share, has contracted its net loss by 29.4 percent in the fourth quarter to $175.2m due to higher revenue from its operations during the period.

The net loss is above the projections of EFG Hermes which forecasted a net loss of SR618m as compared to SR657m during the fourth quarter. The mobile operator reported 44.3 percent decline in operating loss which stood at SR436m during the fourth quarter.

Firm's loss per share rose 35.6 percent to stand at SR2.21 for 2009 as compared to SR1.63 in financial year 2008. It made total revenue of SR3billion in 2009 with a rise of 495 percent against its revenue in 2008.

Zain Saudi Arabia's fourth quarter revenue stood at SR895m, 110.6 percent above than it had reported during the previous year.