Zain Saudi Arabia, a unit of Kuwait’s Mobile Telecommunications Co., said its first-quarter loss narrowed as the kingdom’s third-largest phone company by market value attracted customers with new services.
The loss fell to 532 million riyals ($141.9 million), or 0.38 riyal per share, from 662 million riyals, or 0.47 riyal, a year earlier, the Riyadh-based company said in a statement on the Saudi bourse website today. First-quarter revenue rose 36 percent to 1.48 billion riyals.
Saudi telecom companies, including Saudi Telecom Co. (STC), are competing for mobile-phone and Internet customers with advertising campaigns and pricing promotions. Mobile-phone users rose 15 percent to 51.6 million by the end of 2010 from a year earlier and Internet users increased 11 percent to 11.4 million, the Saudi Communication and Information Technology Commission said on its Web site.
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