Mobily restates earnings for 2013, 2014 and Q1-2015

Etihad Etisalat Co. (Mobily) restated on Thursday its financial results for 2013, 2014 and Q1-2015 following an investigation of accounting errors by Saudi Arabia’s Capital Market Authority (CMA).

Saudi Arabia’s second largest mobile operator restated its Q1-2015 net loss to SAR 45 million from the SAR 199 million loss previously reported for the period.

The company said it widened its fiscal year 2014 net loss to SAR 1.58 billion from a SAR 913 million loss originally recorded. It also adjusted Q4-2014 losses to SAR 2.1 billion, which were previously announced at SAR 3.4 billion.

The telco’s net profit for fiscal year 2013 was also restated to SAR 4.69 billion from the previously announced SAR 5.93 billion.

In addition, Mobily said it has adopted an accounting policy closer to the International Financial Reporting Standard (IFRS) 15 for Fibre to the Home contracts as of last year. The new accounting standard is expected to come into effect by 2018.

The company added that it has re-assessed the capitalization of certain fixed assets and adjusted current and prior financials to reflect the change in depreciation.