RIYADH: Saudi Arabia’s second largest mobile telephone operator Mobily posted a fourth-quarter net loss. Mobily, an affiliate of the United Arab Emirates’ Etisalat, made a loss of 70.7 million riyals in the three months.
This compares with a profit of 10.6 million riyals in the prior-year period, according to a bourse statement. Six analysts polled by Reuters had forecast Mobily would make an average quarterly net loss of 106 million riyals.
Mobily which competes with Saudi Telecom and Zain Saudi reported quarterly revenue of 2.9 billion riyals versus 3.49 billion riyals a year earlier.
Etisalat said in December that its management agreement with Mobily had expired and the companies were working on a new arrangement. Early this month, Mobily said it had appointed Ahmed Abdelsalam Abdelrahman to replace chief executive Ahmad Farroukh.
