* Q3 profit 59.7 mln dinars, vs 70 mln dinars
* Q3 revenue 311 mln dinars, vs 329 mln dinars
By Matt Smith
DUBAI, Oct 21 - Kuwaiti telecom operator Zain
missed expectations with a 15 percent fall in quarterly profit,
hit by a foreign exchange loss.
The former monopoly, which operates in eight countries in
the Middle East and Africa, also said on Sunday chief executive
Nabeel bin Salama would not renew his contract when it expires
Zain made a third-quarter net profit of 59.7 million Kuwaiti
dinars ($213 million), compared with a forecast for 63.7 million
in a Reuters poll. Revenue fell 5.4 percent to 311 million
"During this (nine-month) period Zain Group operations came
under significant pressure with respect to extreme currency
fluctuations in some of the markets in which we operate,"
chairman Assad Al Banwan said.
That cost Zain the equivalent of $146 million, he said.
In Kuwait, Zain competes with Wataniya, a unit of
Qatar Telecom (Qtel), and Viva, an affiliate of Saudi
Telecom Co, while its Iraq and Sudan units accounted
for 62 percent of subscribers and 58 percent of revenue,
according to its first-quarter results.
Zain's Iraq unit plans to go ahead with a long-delayed stock
market listing in Baghdad by early 2013 at the latest, its
deputy chief executive said this month.
Under the terms of its licence agreement, Zain Iraq must
launch an initial public offering of 25 percent of its shares.
Zain's holding in its Iraq unit will fall to 51 percent from 76
percent if the IPO is fully subscribed.
Zain shares ended flat on the day, to be down 18 percent
($1 = 0.2809 Kuwaiti dinars)
(Reporting by Matt Smith; Editing by Dan Lalor)
(firstname.lastname@example.org; +971 506354039; Reuters