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FINANCIAL NEWS
Saudi Mobily’s 2014 losses to increase by USD221m
28 Jun 2015
(MENAFN) Saudi Arabia’s Etihad Etisalat (Mobily) announced that accounting variables will increase its losses for 2014 by about USD221 million, Reuters reported.
The announcement was issued after an evaluation by a team from the Capital Market Authority, which acknowledged some viable concerns over Mobily’s contracts with customers.
The team recommended that the company reconsider its accounting approach for the contracts.
Mobily said it would reissue its financial statements for the year 2014 and the first quarter of 2015 before releasing its second-quarter results.
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