Riyadh – Mubasher: Etihad Atheeb Telecom’s (GO) accumulated losses have fallen to SAR 292.17 million, or 46.4% of its capital which amounts to SAR 630 million.

The decision had no financial impact on the company’s liabilities, according to GO’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The extraordinary general meeting (EGM) on Monday had approved a 60% reduction of the company’s capital from SAR 1.575 billion to SAR 630 million.

The company reported a net loss of SAR 17.8 million ($4.74 million) in March, according to the company statement.

Gross profit amounted to SAR 10.1 million ($2.71 million), while operating losses reached SAR 22.2 million in March.

Total losses stood at SAR 246.7 million in the first quarter of 2017.