Mobily reports fourth-quarter loss

Operator published a net loss of 2.28 billion riyals
Mobily reports fourth-quarter loss

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Etihad Etisalat (Mobily) has reported a fourth-quarter loss, with a net loss of 2.28 billion riyals ($607.1 million) in the three months to Dec. 31, down from a profit of 1.69 billion riyals in the prior-year period.

"The reason for the net loss is mainly attributed to a decrease in revenues, an increase in operating expenses, higher depreciation and finance expenses as well as exceptional expense items recorded during the current quarter compared with the same quarter last year," Mobily said in bourse statement

In November, Mobily cut its profits for 2013 and the first half of 2014 by a combined 1.43 billion riyals ($381.2 million), citing accounting errors, and also reported a 71% drop in third-quarter profit.

The bourse regulator launched an investigation and the company suspended its chief executive. 

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