The telecoms operator, Zain Group, suffered a 17 per cent drop in net profit for the nine months period ended September 30, 2009.

The Kuwait-based firm’s net income fell to $677.1 million, from $815.8 million in a similar period last year.

The company, which owns Zain Kenya, attributed the dismal performance to currency fluctuations, which climbed 125 per cent to $130 million, as well as increased financing and depreciation costs due to network expansion.

"The global economic crisis, unfavourable foreign currency fluctuations, particularly in many of our African operations, coupled with reduced interest income and investment income, plus higher financing costs, have had an significant impact on the company’s overall profit,” said Dr Saad Al Barrak, the Group’s chief executive.

Agencies