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Kuwait’s Zain Says Third-Quarter Profit Declines 13 Percent

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Nov. 2 (Bloomberg) -- Mobile Telecommunications Co., Kuwait’s largest mobile-phone company known as Zain, posted a 13 percent decline in third-quarter profit.

Net income fell to 70.1 million dinars ($254.4 million), or 18 fils a share, from 80.3 million dinars, or 20 fils per share, in the year-earlier period, Zain said in a regulatory filing to the Kuwait Stock Exchange today.

The bourse statement showed a 79 percent decline in nine-month profit to 210.2 million dinars while Zain said yesterday in an e-mailed statement that nine-month net increased 7 percent.

The difference in the two figures represents a 770.3 million-dinar capital gain from the sale last year of most of Zain’s African assets to Indian billionaire Sunil Mittal’s Bharti Airtel Ltd. for $9 billion.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net