Etihad Atheeb suffers losses in 3M

Etihad Atheeb Telecommunication Company (GO) announced its interim financial results for the second quarter of 2019.

  
Riyadh – Mubasher: Etihad Atheeb Telecommunication Company (GO) announced its interim financial results for the second quarter of 2019.

The company moved to losses with SAR 21.8 million in Q2-19, against profits of SAR 55.42 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul).

The turn to losses was driven by the increase in gross profit by SAR 7.35 million in Q2-19, in addition to the rise in operating losses by SAR 78.7 million.

Total revenues of the Saudi telecom provider retreated by 23.03% to SAR 104.7 million during the three-month period between April and June, compared to SAR 136.03 million in the same period the year before.

Loss per share SAR 0.46 during the three-month period ended June, versus profit per share of SAR 1.17 in the corresponding period of 2018.

By the end of June, the GO’s accumulated losses plunged by 46.54% year-on-year to SAR 219.92 million.

Source: Mubasher

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