Zain announces robust Q1 growth

DUBAI, May 6 (PTI): The Middle East's leading telecommunications operator Zain has announced its consolidated financial results for the quarter ended March 31, showing robust growth in several key performance indicators. The Kuwait-headquartered company said for the first quarter of 2011, the Zain Group recorded consolidated revenues of USD 1.163 billion, reflecting a positive 1 per cent increase vis-a-vis the same period in Q1-2010. The period witnessed net income soaring to USD 251.1 million, a 40-per cent increase over the same period in Q1-2010. The company's consolidated EBITDA reached USD 529.7 million up 10 per cent on Q1-2010, reflecting an EBITDA margin of 46 per cent (up 4 percentage points) with EBIT of USD 379.9 million (KWD 105.9 million), a 10-per cent increase vis-a-vis Q1, 2010. The earnings per share reached 19 fils (USD 0.06). During the quarter, Zain Group completed a USD 1.3 billion syndicated loan facility with a syndicate of international and regional banks to be utilised for general corporate purposes.