Riyadh – Mubasher: Etihad Atheeb Telecommunication Company (GO) has reported a 45.7% year-on-year (YoY) increase in net losses to SAR 31.86 million during the third quarter (Q3) of 2019, as shown by the company’s interim financial results.

The increase in net loss is due to an increase in depreciation and amortization expenses and decrease in revenue and other income, despite a decrease in cost of services and general administration expenses, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Sales revenues decreased by 7.2% YoY to SAR 97.1 million, down from SAR 104.67 million in Q3-18.

Loss per share for Q3-19 stood at SAR 0.91, compared with SAR 0.62 for the same period last year.

It is worth noting that the company’s board of directors has invited shareholders to the ordinary general assembly meeting (OGM) that will take place on 21 January 2020 to approve the financial results, vote on the audit committee report and other procedures.