By Souhail Karam
Mobile operator says higher revenues from 18% market share helped it narrow losses.
Saudi mobile phone operator Zain Saudi Arabia said higher revenues from an 18 percent market share helped it narrow its net loss by 29.4 percent in the fourth quarter.
Zain Saudi Arabia made a net loss of SR657m ($175.2m) in the three months to end-December versus SR930m a year earlier, the firm said in a statement posted on the bourse's website.
EFG Hermes has forecast a loss of SR618m for Zain Saudi Arabia's fourth quarter earnings.
Operating loss shrank by 44.3 percent during the fourth-quarter to SR436m, it said.
Loss per share rose however rose 35.6 percent to SR2.21 for all of 2009 versus SR1.63 in 2008. Operating loss rose 45.1 percent in 2009 to SR2.47bn.
Zain Saudi Arabia, the third mobile phone operator to enter the Saudi market, made fourth-quarter revenues of SR895m, which is 110.6 percent above their level a year earlier and 8.4 percent above the third-quarter of 2009.
Revenues for all of 2009 stood at SR3bn, or 495 percent above revenues in 2008. (Reuters)