Riyadh – Mubasher: Etihad Atheeb Telecommunication Company (GO) suffered a year-on-year (YoY) increase of 32.364% in losses during the fiscal year ended on 31 March 2019.

Losses of GO deepened to SAR 53.29 million in FY ended in March this year from SAR 40.26 million in the prior fiscal year, according to a bourse disclosure on Thursday.

Sales for the period shrank by 12.24% to SAR 421.09 million in FY18/19 from SAR 479.82 million in FY17/18.

GO incurred a loss per share of SAR 1.13 in FY18/19 when compared to a loss per share of SAR 0.85 a year earlier.

GO clarified that the higher losses resulted from lower operating revenue and other income. The losses resulted in over the year despite the “decrease in cost of services, decrease in selling and marketing expenses and decrease in general and administration expenses.”