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

Kuwaiti mobile operator Zain, 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 deal would be booked in the second quarter.                                           

Analysts surveyed by Reuters had expected Zain's second quarter net profit to range between 835 million and 844 million dinars.