Saudi Mobily cuts second-quarter profit by USD90.3m

03 Jun 2014

(MENAFN) Saudi Arabia mobile operator Mobily said it plans to cut its second-quarter profit by USD90.3 million on a deal resolving between Mobily and the fixed-line rival Etihad Atheeb, according to Gulf Daily News.

The company’s shares dropped by 4.3 percent to a 17-week closing low after the company originally said the reduced profit would be included in re-stated first-quarter results.

Reuters expects the company to cut its profit to USD282 million in the first quarter of 2014 compared to USD373 million during the same quarter 2013.

The company said that the deal’s cancellation is expected to reflect its second quarter results, keeping its first-quarter results unchanged.

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