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Sudatel turns to losses in 9M-23 financial results

Sudatel turns to losses in 9M-23 financial results
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Abu Dhabi – Mubasher: Sudatel Telecom Group turned to net losses valued at $3.36 million in the first nine months (9M) of 2023, against profits of $67.13 million in 9M-22.

Total operating revenues jumped year-on-year (YoY) to $319.77 million in 9M-23 from $296.04 million, according to the initial financial results.

Loss per share reached $0.002 as of 30 September 2023, against earnings per share (EPS) of $0.050 a year earlier.

Meanwhile, the total assets increased to $1.28 billion in 9M-23 from $1.14 billion as of 31 December 2022.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the group shifted to net losses amounting to $9.52 million, compared to net profits standing at $34.32 million in Q3-22.

The revenues plunged to $95.98 million in Q3-23 from $107.82 million in Q3-22. Meanwhile, the basic and diluted loss per share hit $0.007, versus a profit per share of $0.025.

Last year, the company’s net profit reached $76.04 million, higher than $20.03 million in 2021.