A trading suspension on shares of Etihad Etisalat Co. (Mobily) will be lifted on Monday,August 3, after the company restated its earnings on Thursday for 2013, 2014, and Q1-2015, Saudi Arabia’s Capital Market Authority (CMA) said in a statement.
Investigation into accounting violations at Mobily will be announced when the process is completed, the kingdom’s market regulator added.
Saudi Arabia’s second-largest mobile operator restated its Q1-2015 net loss to SAR 45 million from the previously announced net loss of AR 199 million. Losses
recorded for the 2014 fiscal year widened to SAR 1.58 billion from SAR 913 million, while the telco’s net profit for fiscal year 2013 was also restated to SAR 4.69 billion from SAR 5.93 billion.
Mobily's shares have been suspended since June 9, when the CMA halted trading until the company could disclose financial impact from a regulatory report examining
accounting irregularities, according to reports published by Argaam.
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