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Zain Saudi Arabia Q1 loss narrows YOY

Mobile Telecommunications Company Saudi Arabia said its first-quarter normalized net income amounted to a loss of 27 halalas per share, compared with the S&P Capital IQ consensus estimate of a loss of 37 halalas per share.

The per-share loss narrowed year over year from 28 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 156.1 million riyals, compared with a loss of 160.5 million riyals in the prior-year period.

The normalized profit margin climbed to negative 8.9% from negative 9.7% in the year-earlier period.

Total revenue grew 6.5% on an annual basis to 1.76 billion riyals from 1.66 billion riyals, and total operating expenses grew year over year to 1.80 billion riyals from 1.72 billion riyals.

Reported net income totaled a loss of 249.7 million riyals, or a loss of 43 halalas per share, compared to a loss of 256.7 million riyals, or a loss of 44 halalas per share, in the prior-year period.

As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.