Riyadh – Mubasher: Etihad Etisalat Co (Mobily) on Monday said its net losses increased 4.93% year-on-year during the third quarter of 2017.

Mobily’s losses amounted to SAR 174.5 million in Q3-17, compared to SAR 166.3 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net losses levelled down 8%.

The Saudi telecommunications provider attributed the rise in its year-on-year net losses to implementing finger print system during 2016 that pushed the market down.

Interest and financial expenses rose to SAR 159 million in Q3-17, from SAR 134 million in the same period in the year before.

At the level of the first nine months of 2017 Mobily’s losses have been widened 267.64% to reach SAR 572.2 million, compared to SAR 143.4 million in the corresponding period in the year earlier.

The stock shed 0.59%, closing at SAR 15.24 on Sunday.