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Financials

Kuwait's Zain Q2 net profit soars to $2.95 bln

KUWAIT, Aug 9 (Reuters) - Kuwaiti mobile operator Zain ZAIK.KW, the third-largest Gulf Arab telecoms firm by market value, saw its second-quarter net profit soar to 843.8 million dinars ($2.95 billion), according to Reuters calculations.

Net profit in the first half was 895.3 million dinars, Zain said in a statement on Monday, without giving the quarterly figure.

Reuters calculated second-quarter net profit based on previous financial data, which showed the firm made 51.5 million dinars in the first quarter. The firm made a net profit of 78.8 million dinars in the second quarter of 2009.

Zain's Chief Executive Nabeel bin Salama said in June that the firm's profits from the $9 billion Bharti Airtel BRTI.BO deal would be booked in the second quarter. [ID:nSGE65802V]

Analysts surveyed by Reuters had expected Zain’s second quarter net profit to range between 835 million and 844 million dinars. [ID:nLDE666105] ($1=0.2861 Kuwaiti dinar) (Reporting by Eman Goma; Editing by Firouz Sedarat)

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