The Saudi Arabian cellular operator Zain has announced a slight rise in revenues for its first quarter to end-March 2012, to SAR1.52 billion (USD405.3 million), up from SAR1.48 billion a year earlier. First-quarter losses stood at SAR420 million, an improvement on the SAR532 million recorded in Q1 2011. The firm is still seeking its first quarterly profit nearly four years since launching services, and its accumulated losses now total about SAR10 billion, Reuters reports. Zain Saudi’s total losses now equate to around 72% of its capital, while Saudi bourse rules say listed firms must reduce their capital if losses exceed 75%. Meanwhile, Zain Saudi has revealed that it is close to finalising the refinancing of a SAR9.75 billion loan facility which is due in July.