GO Telecom curbs net loss in FY2014/15

21 Apr 2015

Saudi Arabian fixed line and broadband operator Etihad Atheeb Telecom (GO Telecom) has published its financial results for the twelve months ended 31 March 2015 (FY2014/15), announcing a net loss of SAR56.24 million (USD15.0 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 77.5% improvement on the SAR249.27 million loss reported in FY2013/14, mainly due to reductions in the cost of services and operating expenses. Further, Etihad Atheeb’s revenues increased by 5% (or SAR12.7 million) year-on-year from SAR234.5 million to SAR247.2 million. GO Telecom highlighted that revenues generated by its business sector operations reached SAR73.5 million, up 27.0% year-on-year from SAR57.7 million in the twelve months to end-March 2014.

Saudi Arabia, Etihad Atheeb (GO Telecom)