Mobile Telecommunications Co., the Kuwaiti phone operator known as Zain, reported a first-half profit of $3.1 billion as it gained from asset sales in Africa.
Net income for the six months ended June included $2.65 billion from the sale of assets in Africa, the company said in an e-mailed statement today. Consolidated revenue in Zain’s Middle East operations rose 10 percent from a year-earlier to $2.33 billion, it said.
“With the sale of the Zain Africa assets now concluded, coupled with a healthy cash balance and reduced debt levels, the company is now well positioned to focus on, and further grow, its profitable Middle East operations,” Chairman Asaad al-Banwan said in the statement.
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