Saudi Mobily posts USD53.04m net loss in Q1

22 Apr 2015

(MENAFN) Saudi Arabia’s Etihad Etisalat (Mobily) posted a net loss of about USD53.04 million in the first quarter of the year, against a net profit of about USD429.16 million a year ago, Reuters reported.

The firm’s losses came after eighteen consecutive months of earnings covering 2013 and 2014, and are accumulated as a result of increased depreciation expenses and provisions.

Additionally, the second-best telecommunication operator in Saudi has been tremendously affected by accounting errors connected to unnecessary booking of revenue from wholesale broadband leases.

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