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Saudi-listed Etihad Atheeb Telecommunication (GO) narrowed its net loss for the third quarter of the year to 9.67 million riyals ($2.57 million) despite an increase in outgoings, but accumulated losses have already reached more than 60 percent of the capital.
Accumulated losses amounted to 138.58 million riyals during the quarter, representing 60.64 percent of the company’s capital, the telecom operator told the Saudi Stock Exchange (Tadawul) on Tuesday.
The company said it managed to cut its Q3 losses after posting a double-digit increase in sales/ revenue, although it cited that marketing expenses, financial charges and impairment allowance, among other costs, went up during the third quarter.
Total sales/revenue for the period reached 80.85 million riyals, up by 19.3 percent from the same period last year, while gross profit fell 11.4 percent to 35.9 million riyals.
The company’s operational loss also narrowed to 4.4 million riyals from 8.82 million riyals over the same period.
For the first nine months of the year, total sales/ revenue reached 155.81 million riyals, showing an increase of 10.6 percent over the same period in 2020.
Gross profit for the nine-month period dipped by 3.7 percent to 77.36 million riyals.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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