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FINANCIAL NEWS
Saudi Mobily logs net loss of USD42.1m in Q3
22 Oct 2015
(MENAFN) Saudi-based Etihad Etisalat (Mobily), which kept a record of 27 straight months of earnings, said it swung to a net loss in the July-September period due to rising expenses.
The affiliate of UAE’s Etisalat said it logged a net loss of USD42.1 million in the three months to September 30, dropping from USD34.38 million net profit registered in the same period a year ago.
Mobily said its quarterly loss is driven by a USD62.63 million increase registered in general and administrative expenses, plus an extra USD14.92 million in finance charges.
In July, Mobily restated its results for the 27 months to March 31, slashing total profits over the period by USD469.1 million in its latest attempt to resolve an accounting scandal.
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