KUWAIT : Kuwaiti telecommunications operator Zain reported a 14pc fall in its second-quarter net profit on Sunday to $214m, mainly because of a currency loss in Sudan, according to Reuters calculations based on its first-half earnings statement. Zain said it made a first-half net profit of 113m dinars. The company had reported a first-quarter profit of 52m dinars. Consolidated revenues totalled 612m dinars in the first half. Zain said it added 3m new customers over the past 12 months, raising its customer base to 44.4m.

Customers increased 11 percent in Kuwait to 2.4 million, by 12 percent in Saudi Arabia to 8.3 million, and by 8 percent in Iraq to 13.9 million.

Currency movements, mainly depreciation of Sudan's currency, cost Zain $347 million in revenues and $80 million in net profit during the first half, it said.

 However, a new telecommunications law removing corporate income tax for three years was introduced in Sudan last month, which will help Zain's financial position in the country, it added.

Also last month, Saudi Arabia's government agreed to postpone payment of Zain's obligations to it for seven years. The deferred payments are estimated to add up to $213 million per year, the company said.