Kuwaiti mobile operator Zain recorded KD70.1mn ($254m) in net profits for the third quarter of this year, a decline of 13 per cent when compared with the same period in 2010 due to losses on the foreign exchange.

Net profit for the first nine-months of the year increased by 7 per cent to KD210m. Revenues for the same period rose 2.2 per cent to KD988m.

Over the past year, Zain’s subscriber base has increased by 6.1 million to 41.4 million subscribers.

“These nine-month results are all the more impressive when one considers that the net profit for the period was adversely affected by currency vacancies totalling $100m,” says Assad al-Banwan, chairman of Zain Group.