Riyadh - Mubasher: Etihad Etisalat Company (Mobily) reported a 5.94% increase in net losses to SAR 167.7 million ($44.72 million) in the third quarter of 2016 from SAR 158.3 million ($42.2 million) in the same quarter last year.
This is due to the decrease in gross profit by SAR 284 million, which was offset by, the decrease in operating expenses reflecting continuous cost optimization efforts, as well as the decrease in Zakat provision resulting from a non-recurring transaction, according to the company’s statement on Wednesday.
Meanwhile, Losses declined by 88% in the nine-month period that ended 30 September 2016 to SAR 132.3 million from SAR 1.1 billion in the same period last year.
The decline is a result of the decrease in general and administrative expenses mainly due to booking an additional SAR 800 million doubtful debt provision towards Zain KSA in the previous period, among other cost reductions, the company said in a bourse filing on Wednesday.
