Saudi telco Mobily swings to Q2 net loss

02/08/2015 10:15 AST

Aug 2 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 United Arab Emirates' Etisalat , made a net loss of 900.9 million riyals ($240.2 million) in the three months to June 30, it said in a bourse statement.

This compares with a profit of 92.5 million riyals 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 633 million riyals.


Reuters

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