Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) on Sunday announced turning to loss in the second quarter of 2018, against logging profits in the year-ago period. 

Zain’s net losses amounted to SAR 38 million in Q2-18, versus a net profit of SAR 8 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the company's profits decreased by 50.65% from SAR 77 million.

The Saudi telecommunications provider attributed swinging to losses in Q2-18 to a 1% drop in revenues, a decline in gross profits, coupled with a depreciation growth.

Revenues fell 1% to SAR 1.846 million in the period between April to June, from SAR 1.865 million during the corresponding period of 2017.

As for the first six months of this year, Zain suffered a net loss of SAR 115 million, against generating SAR 53 million in net profits during H1-17.

The firm ascribed turning to losses in H1-18 to a drop in gross profits as a result of a decline in revenues, whereas there was a rise in depreciation.

Zain’s revenues tumbled 7% to SAR 3.532 million in H1-18, compared to SAR 3.784 million in the same period a year earlier.

The stock inched up 0.16% to close Thursday’s trading session at SAR 6.35.