Riyadh – Mubasher: Etihad Atheeb Telecommunication (GO) on Tuesday reported turning a profit in the January 2017.

The company posted SAR 2.38 million ($635,000), while gross profit reached SAR 9.60 million ($2.56 million).

GO’s operating loss for January 2017 amounted to SAR 13.97 million, the company said in a statement to the Saudi Stock Exchange (Tadawul).

Accumulated losses by the end of 31 January 2017 reached SAR 1.21 billion, representing 76.8% of the company’s capital of SAR 1.575 billion.

Meanwhile, net loss for the period up to 31 January 2017 reached SAR 114.23 million, whereas losses per share (LPS) for the same period reached SAR 0.73 per share.

On Sunday, the telecom operator’s board recommended a capital reduction by 60% as part of a restructure programme in line with the new corporate system.

The cut will reduce capital from SAR 1.575 billion currently to SAR 630 million.

GO last reported a net loss of SAR 15.65 million in December 2016.