Tawasul
Mubasher TV
Contact Us Advertising   العربية

GO reports 34% higher losses in FY19/20

GO reports 34% higher losses in FY19/20
Revenues fell by 19.35% annually in FY19/20
ATHEEB TELECOM
7040
-0.93% 11.06 -0.11

Riyadh – Mubasher: Etihad Atheeb Telecommunication Company (GO) incurred a 34.38% increase in net losses after Zakat and tax during the fiscal year (FY) ended on 31 March 2020 as shown in the company’ consolidated financials.

Net losses came at SAR 71.61 million during the twelve-month period, compared with SAR 53.29 million a year earlier, according to a bourse statement on Sunday.

In the meantime, revenues slipped by 19.35% annually to stand at SAR 339.6 million by the end of March 2020.

The growth in annual net losses was attributed to lower revenue and other income, increasing depreciation expenses and financial charges, despite the drop in services costs, as well as general, administration, selling, and marketing expenses.