Saudi Mobile Telecommunications Co. (Saudi Zain) posted SAR 316 million losses for third quarter of 2014, narrowing 24.94% from SAR 421 million in Q3 2013 and 3.95% from SAR 329 million in Q2 2014.
The company sustained SAR 963 million losses in the first nine months of 2014 until Sept. 30, declining 19.01% from SAR 1,189 million in the year-ago period.
The loss per share fell from SAR 1.1 to SAR 0.89.
The operator ascribed the loss decline in in Q3 and nine months to the improvement in the gross profit and margin as a result of the rising demand on internet segment services, as well as the decrease in provisions due to wining legal cases and upon external legal opinion, in addition to the adjustment of the useful life of some of the company’s assets.
Q3 loss decline was attributed by Zain to the improvement in the gross profit and margin as a result of the rising demand on internet segment services; the decrease in provisions due to wining legal cases and upon external legal opinion.