Etihad Atheeb posts net loss of SAR67.5m

22 Jul 2013

Saudi Arabian fixed line and broadband operator Etihad Athleeb Telecom (GO Telecom) has published its interim financial results for the three months ended 30 June 2013, announcing a net loss of SAR67.5 million (USD18.0 million); the telco has blamed the loss on a seasonal fluctuation in the demand for telecoms services as well as and lower prices for broadband services, prompted by intense competition in the market. However, according to the company’s press release, the net loss represents a 15% improvement on the SAR79.4 million reported in 2Q12,. Further, Etihad Atheeb’s revenues dropped by 4% (or SAR2.3 million) year-on-year from SAR58.1 million to SAR55.8 million.

Saudi Arabia, Etihad Atheeb (GO Telecom), Mobily (Etihad Etisalat)