Saudi Arabia’s Etihad Atheeb Telecommunication, also known as GO, has narrowed down its losses to 10.9 million riyals ($2.9 million) after reducing its capital. 

As of January 23, the accumulated losses represented 12.3 percent of the company’s share capital, the fixed line operator told the Saudi Stock Exchange (Tadawul) on Thursday. 

Losses had amounted to 138.58 million riyals in the third quarter of 2021, representing 60.64 percent of the capital. The losses prompted the telecoms company to reduce its capital by 60.6 percent. 

“The main reason for the decrease in the company’s losses is due to the reduction of the capital to 89.9 million riyals, where 60.62 percent of the accumulated losses amounting to 138.58 million riyals have been amortized,” the statement said. 

(Writing by Cleofe Maceda; editing by Seban Scaria)

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