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Mobily trims 2013 profit, widens 2014 loss

RIYADH, July 30, 2015

Saudi Arabia's Etihad Etisalat (Mobily) on Thursday revised 27 months of earnings, cutting its 2013 profit and widening its 2014 loss, although its loss in the first quarter of 2015 lessened.

The telecom operator has been embroiled in an earnings scandal since last November when it shocked investors by restating 18 months of earnings that it blamed on accounting errors and Thursday's announcement is the latest adjustments to its accounts following a regulator probe.

Mobily has cut its 2013 net profit to SR4.69 billion ($1.25 billion) from SR5.94 billion, according to a bourse filing.

It also widened its 2014 loss to SR1.58 billion versus SR913 million, although its first-quarter loss has been reduced to SR45 million from SR199 million. - Reuters




Tags: Telecom | Saudi | Mobily |

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