FINANCIAL NEWS

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.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more