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Saudi Mobily posts USD53.04m net loss in Q1
(MENAFN) Saudi Arabia's Etihad Etisalat (Mobily) posted a net loss of about USD53.04 million in the first quarter of the year, against a net profit of about USD429.16 million a year ago, Reuters reported.
The firm's losses came after eighteen consecutive months of earnings covering 2013 and 2014, and are accumulated as a result of increased depreciation expenses and provisions.
Additionally, the second-best telecommunication operator in Saudi has been tremendously affected by accounting errors connected to unnecessary booking of revenue from wholesale broadband leases.
The firm's losses came after eighteen consecutive months of earnings covering 2013 and 2014, and are accumulated as a result of increased depreciation expenses and provisions.
Additionally, the second-best telecommunication operator in Saudi has been tremendously affected by accounting errors connected to unnecessary booking of revenue from wholesale broadband leases.
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