Etihad Atheeb posts net loss of SAR249.27m for FY2013/14

27 May 2014

Saudi Arabian fixed line and broadband operator Etihad Athleeb Telecom (GO Telecom) has published its financial results for the twelve months ended 31 March 2014, announcing a net loss of SAR249.27 million (USD66.46 million); the telco blamed the loss on a seasonal fluctuation in the demand for telecoms services as well as 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 10.7% improvement on the SAR279.09 million reported in FY2012/13, mainly due to reductions in the cost of services and operating expenses. Further, Etihad Atheeb’s revenues dropped by 12% (or SAR31.94million) year-on-year from SAR266.48 million to SAR234.54 million. GO Telecom highlighted that revenues generated by its business sector operations reached SAR57.05 million, up 118% year-on-year from SAR26.15 million in the twelve months to end-March 2013.

Saudi Arabia, Etihad Atheeb (GO Telecom)