Kuwait's Zain swings to Q4 net profit

KUWAIT: Kuwaiti mobile operator Zain swung to profit in the fourth quarter, according to Reuters calculations, beating analysts' estimates.

Zain, subject to a $12 billion takeover bid from UAE's Etisalat, posted a fourth-quarter net profit of 87 million dinars ($313.1 million) compared with a net loss of 0.7 million dinars ($2.52 million) a year earlier.

Analysts polled by Reuters estimated an average fourth-quarter net profit of 78.7 million dinars ($283.4 million).

Reuters calculated figures based on previous financial statements as Zain did not provide quarterly data. The company posted a net profit of 976 million dinars ($3.48 billion) in the first nine months of 2010.

Zain, which completed the sale of its African assets last year, reported a 2010 full-year profit of 1.063 billion Kuwaiti dinars ($3.83 billion), a company statement said, up from 195 million dinars ($702.2 million) in the previous year.