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Zain Group's Q2 results fall short of expectations

Kuwaiti telco posts profit growth of 1% in the three months to June 31

Kuwaiti telco posts profit growth of 1% in the three months to June 31.
Kuwaiti telco posts profit growth of 1% in the three months to June 31.

Kuwaiti telecom operator Zain Group reported a net profit of KD 70.97 million ($251.58 million) in the three months to June 30.

The result marked a 1% rise over the same period in 2011, falling short of analysts' expectations, according to a report from Reuters. Analysts had forecast an average profit of KD 76.9 million, the report said.

Zain Group posted a first-half net profit of KD 141.8 million dinars, up from KD 140.2 million dinars in the same in 2011.

In Kuwait, Zain competes with Qtel-owned Wataniya Telecom, and STC-owned Viva.

Zain Group operates in seven countries including Iraq, Sudan and Saudi Arabia.