KSA unit pressures ANN Digital’s Q2 results

KSA unit pressures ANN Digital’s Q2 results
ANN logged KWD 1.06 million in losses in H1-17
AAN AAN -0.25% 39.90 -0.10

Mubasher: ANN Digital Services (previously Hits Telecom) on Sunday reported turning to losses in the second quarter of 2017.

The company, which is listed in Kuwait and Dubai, suffered KWD 702,880 ($2.33 million) in losses in Q2-17 versus KWD 906,620 ($3.01 million) in profits in the same period in 2016, according to a bourse filing.

At the level of the first half of the year, ANN logged KWD 1.06 million in losses versus KWD 1.07 million in profits in the year-ago period.

ANN attributed turning to losses to lower operating profits due to a decline in revenues from one of its subsidiaries in Saudi Arabia.

The company had previously posted KWD 357,120 in losses in Q1-17 against KWD 160,380 in profits in Q1-16.

ANN Digital’s stock closed Sunday at a rise of 0.5% to 40.1 fils on Boursa Kuwait, but dropped 1.4% to AED 0.571 on the Dubai Financial Market (DFM).

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Source: Mubasher

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