Go turns to losses in Q2-17 on lower revenues, higher expenses

Go turns to losses in Q2-17 on lower revenues, higher expenses
Net losses reached SAR 29.81 million in Q2-17, against profits of SAR 15.36 million in Q2-16, according to a bourse filing
Atheeb Telecom 7040 -0.83% 5.95 -0.05

Riyadh – Mubasher: Saudi Arabia-based, Etihad Atheeb Telecommunication (Go) on Thursday turned to losses in the second quarter of 2017, against achieving profits in the year-ago period.

Go’s net losses stood at SAR 29.81 million in Q2-17, against profits of SAR 15.36 million in Q2-16, according to a statement to the Saudi Stock Exchange (Tadawul).

The telecommunications provider attributed turning to losses in Q2-17 to a decrease in other revenues by SAR 62 million, an increase in sales’ expenses by SAR 29 million, and a rise in operating expenses by SAR 8.4 million.

Go’s second quarter ended on 30 September.

The firm turned profitable in its first half of 2017 after posting SAR 25.61 million, against losses of SAR 42.75 million in the corresponding period in the year earlier.

By 12:35 pm KSA time, Go’s stock fell 1.94% to reach SAR 6.07.

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Source: Mubasher

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