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Etisalat to lose USD55.5m in profit on Mobily’s revisions

29 Jun 2015

(MENAFN) Etisalat, which owns 27.45 percent of Etihad Etisalat (Mobily), said that Mobily’s accounting revision will significantly influence its consolidated net profit by USD55.5 million, Gulf News reported.

The company will also lose USD167.7 million before royalty due to the Saudi company’s board of directors to reissue the 2014 annual financial statements and to the findings by the Capital Market Authority over some of Mobily’s contracts with customers.

“The revised 2014 financial statements and first quarter 2015 financial statements will be reissued before announcement of second quarter financial statements. The company will call for the Annual General Meeting after obtaining the required approval,” Mobily said.

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