Kuwait telco Zain Q1 profit falls 26.7 pct

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* Q1 profit 41.0 mln dinars vs 55.9 mln dinars a yr ago * Q1 revenue 279 mln dinars vs 311 mln dinars a yr ago DUBAI, May 12 (Reuters) - Zain, Kuwait's **.1 telecom operator by subscribers, reported a 26.7 percent fall in first-quarter profit on Tuesday, extending a sustained earnings slump as its Iraq business suffered from political instability and intense competition. "The continued political instability in Iraq and heightened levels of competition, severely impacted Zain Iraq's and consequently the Group's overall key financial metrics," Zain said in a statement. In Kuwait, Zain competes with Ooredoo Kuwait, a unit of Qatar's Ooredoo, and Viva, an affiliate of Saudi Telecom Co (STC).

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