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Etihad Atheeb Telecommunication fiscal Q3 loss widens YOY

Etihad Atheeb Telecommunication Co. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 65 halalas per share, compared with a loss of 63 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 30.5 million riyals, compared with a loss of 29.8 million riyals in the prior-year period.

The normalized profit margin rose to negative 35.2% from negative 49.3% in the year-earlier period.

Total revenue climbed 43.4% year over year to 86.8 million riyals from 60.5 million riyals, and total operating expenses climbed 15.0% from the prior-year period to 161.7 million riyals from 140.7 million riyals.

Reported net income came to a loss of 48.9 million riyals, or a loss of 1.03 riyals per share, compared to a loss of 47.7 million riyals, or a loss of 1.01 riyals per share, in the year-earlier period.

As of Jan. 27, US$1 was equivalent to 3.75 Saudi Arabian riyals.