Saudi Arabian telecom operator Mobily made a net profit of 11 million riyals ($2.93 million) in the three months to December 31. This compares with a loss of 2.11 billion riyals in the same period a year earlier, according to a bourse statement, Reuters reported.
The quarterly profit offered some room for optimism for Mobily’s shareholders following a torrid year in which the operator reeled from an accounting scandal.
The telco had slashed 27 months of previously reported earnings by nearly $1 billion, according to Reuters. The operator said last Thursday that some of its creditors had agreed to waive covenant breaches, affording it some more breathing space.