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DUBAI, May 2 (Reuters) - Kuwaiti telecom group Zain reported on Tuesday a three percent rise in first-quarter net profit.
The former monopoly, which operates in eight countries in the Middle East and Africa, made 38 million dinars ($124.95 million) in the three months to March 31, it said in an emailed statement.
Revenues fell 11 percent to 247 million dinars.
EFG Hermes analysts had forecast a profit of 37.41 million dinars while SICO Bahrain had forecast a 32 million dinar profit.
$1 = 0.3041 Kuwaiti dinars Reporting by Alexander Cornwell; editing by Jason Neely