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Mobily says will complete talks with creditors in Q2

Mobily says will complete talks with creditors in Q2
Mobily
ZAIN KSA
7030
-8.83% 12.60 -1.22

Riyadh-Mubasher: Etihad Etisalat (Mobily) says it will likely complete renegotiations with creditors over the terms of loans in the second quarter of 2015.

The total loans stood at SAR 16.17 billion at the end of March, compared with SAR 16.99 billion in 2014.

The telecom operator said it has fulfilled all of its contractual debt obligations in Q1, amounting to SAR 872 million in principal repayments and SAR 59 million in accrued interest payments, in line with the existing facility agreements.

Mobily posted net losses of SAR 199 million in Q1-15, versus net earnings of SAR 1.6 million in the same period a year ago, due to high depreciation expenses.