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Saudi Arabias Mobily Drops into Quarterly Loss

Saudi Arabia’s Etihad Etisalat (Mobily) has posted a 3rd quarter loss as the corporate continues to wrestle in its flip round following a monetary scandal earlier this 12 months.

Mobily made a web lack of SR158 million (USD42.1 million) within the three months to Sept. 30, it stated in a press release. That in comparison with a internet revenue of SR129 million a yr in the past.

Mobily put the blame for its quarterly loss at a SR235 million enhance generally and administrative bills, plus an additional SR56 million in monetary fees.

The agency was pressured to restate greater than 2 years price of monetary statements earlier this 12 months and has had its shares suspended twice because it tries to adjust to inventory market investigations.

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