Mobily swings to Q2 net loss

Saudi Arabia’s Etihad Etisalat (Mobily), which last week slashed 27 months of profits following an accounting scandal, swung to a second-quarter net loss on Sunday that missed forecasts.

Mobily, an affiliate of the UAE’s Etisalat, made a net loss of SR900.9 million ($240.2 million) in the three months to June 30, it said in a bourse statement.

This compares with a profit of SR92.5 million in the prior-year period.

Analysts polled by Reuters had on average forecast that Mobily, which competes with the Gulf’s No.1 operator Saudi Telecom Co and Zain Saudi, would make a quarterly loss of SR633 million. – Reuters

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