Zain records 32 per cent slide in net income in Q1

Zain announced that for the first quarter of 2010 to end-March, it recorded consolidated revenues of KWD 329.7 million (US$1.146 billion), an increase of 11 per cent year-on-year. Consolidated EBITDA reached KWD 139.2 million, down 43 per cent year-on-year, while net income for Q110 amounted to KWD 51.55 million, down 31.9 per cent compared to KWD 75.7 million achieved last year.

“These results reflect the Middle East operations are in line with adopted International Accounting Standards, which necessitates excluding all of Zain Africa’s 15 mobile operations, except for net profit, as the company entered into a definitive sale agreement with Bharti Airtel on March 30, 2010” commented Asaad Al Banwan, chairman of the board of directors of Zain.

Zain Group CEO Nabeel Bin Salamah said the healthy results were a sign of better things yet to come as Zain strives to maximise shareholders’ value in the new era. “We will consider all options before us with extreme flexibility,” he said.