Etihad Etisalat Co. (Mobily) said it expects net profit and retained earnings to drop by SAR 9 million and SAR 380 million, respectively for fiscal year 2016 on the adoption of the International Financial Reporting Standards (IFRS) on financial statements as of Jan. 1, 2016.
The drop is mainly attributed to the liabilities arising from canceled services, staff end-of-service benefits and government grants, Mobily added in a statement to Tadawul on Thursday.
The telecom operator will issue its first IFRS-compliant financial statements in Q1- 2017.
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