On the Money - In Brief
Kuwait's Zain has recorded first-quarter consolidated revenues of KWD 329.7 million (US$1.146 billion), an increase of 11% compared to same period in Q1-2009. The Company's consolidated EBITDA reached KWD 139.2 million (US$483.7 million) and net income dropped by 31% to KWD 51.55 (US$179.1 million). The company has a one-off gain of KWD 33 million (US$116 million) in the year ago period.
- Orascom Telecom Holding has reported that its first-quarter revenues rose by 1.6% over the previous year to US$1.22 billion, but was down by 6.1% compared to Q4 09, mainly attributable to lower revenues of its Algerian subsidiary by 8%.
- IT solutions and services company, Dimension Data has announced its results for the six months ended 31 March 2010. The Group, which is listed in London and Johannesburg, reported sales of $2.2 billion - up 11.1% in reported currency over the prior period. Operating profit increased by 21.0% to $107.5 million, and the operating margin expanded to 5.0% (H1 2009: 4.6%, before exceptional items), in reported currency. The widening in the operating margin was driven by an improved gross margin following a higher contribution from Services and good containment of overheads. Earnings per share grew 20.0% to 4.2 cents and the Group ended the period with cash of $493 million.
- South Africa's largest retail bank, Absa, and Western Union have enhanced their joint service offering to Absa accountholders by allowing them to conveniently access the Western Union(R) Money Transfer(SM)service to send or receive cross-border money transfers using either a cell phone or Internet banking.
- In South Africa, the struggling technology group Faritec filed for liquidation for its wholly owned operating subsidiary after it failed to secure funding. Faritec has been trying for the past six months to raise R60m to fund its working capital, which is under pressure. The group was in discussions with creditors of Faritec Enterprise Solutions to convert their debts into Faritec shares. The company told shareholders that, despite its efforts, it has not been successful in raising the necessary funds to implement the turnaround strategy.