JEDDAH: Etihad Atheeb Telecommunication Company (GO) has announced the interim financial results for the period ended June 30, 2011. The company's net (loss) during the first quarter was SR98.8 million, declining 38.56 percent from SR160.8 million for the same quarter of the previous year, according to a statement posted on Tadawul website.
The latest figure is also a decrease of 19.08 percent from SR122.1 million for the previous quarter and a (decrease).
Total profits during the first quarter was SR322,168, which compares with a loss of SR38.6 million for the same quarter of last year.
Total operating (loss) during the first quarter was SR89.5 million. This is a decrease of 42 percent from SR154.3 million for the same quarter of last year. Earnings per share in the three months amounted to SR0.99 as compared to SR1.61 for the same period the previous year.
Income from operations for the first quarter rose 22.06 percent to SR60.3 million from SR49.4 million.
The company achieved, for the first time since its establishment, a gross profit during the period ended 30 June 2011 because of higher revenues from an efficient sales drive. New products and major improvements in sales efficiency also contributed to the gross profit.
This indicates the company's ability to achieve profits in future, according to the statement.
The company has significantly reduced costs without affecting the performance in general.
The company statement stressed that it had taken concrete steps in the procedures for the capital increase, which will have a positive effect to meet their obligations and ensure smooth running of its operations.
© Arab News 2011
