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FINANCIAL NEWS
Saudi Mobily registers USD243m loss for 2014
26 Feb 2015
(MENAFN) Mobily’s logged a loss of USD243 million for 2014, after breaching covenants on long-term loans and removing its chief executive, Gulf Daily News reported.
The company’s loss compares with a profit of USD58.58 million announced in January’s unaudited earnings, in which a fourth quarter loss of USD607.67 million was included.
The problems of Saudi’s second largest mobile operator are rooted in what appears to be accounting errors related to the booking of revenue from wholesale broadband leases.
These same errors also resulted in slashing the operator’s profits for 2013 and the first half of 2014 by an accumulated sum of about USD381.13 million, results which prompted regulator investigations into Mobily.
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