KUWAIT CITY: Telecom operator Zain Saudi reported a widening third-quarter loss on Monday, meeting analysts’ forecasts as costs rose and revenue dropped.
The company has yet to make a quarterly profit since launching services in 2008 and has battled to compete against better-resourced rivals Saudi Telecom Co (STC) and Etihad Etisalat (Mobily).
Zain Saudi, 37-percent owned by Kuwait’s Zain, made a net loss of 267 million riyals ($71.2 million) in the three months to Sept. 30, according to a bourse statement. This compares with a net loss of 223 million riyals in the prior-year period.
Five analysts polled by Reuters had on average forecast Zain Saudi would make a quarterly net loss of 268.3 million riyals.
