Riyadh – Mubasher: Etihad Etisalat Co. (Mobily) on Sunday reported a 42.94% year-on-year decrease in its net losses for the first quarter of 2018.

Mobily’s net losses amounted to SAR 93 million during Q1-18, compared to SAR 163 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the loss reduction to an improvement in revenues driven by a better mix of products mainly from data.

Operating profits skyrocketed 188.6% to SAR 101 million in Q1-18, from SAR 35 million during the same period in the year before, the telecommunications company noted. 

Mobily’s stock edged up 0.13%, closing Sunday at SAR 15.58.