Etihad Atheeb widens losses to SAR 71.6 mln in FY 2019-20
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Etihad Atheeb Telecommunication Co. (GO) reported a net loss after Zakat and tax of SAR 71.6 million for the fiscal year ended March 31, 2020, compared to a loss of SAR 53.3 million in the previous year.
The increase in net loss was attributed to decline in revenue and other income, as well as increase in depreciation expenses and financial charges. On the other hand, cost of services declined along with drop in general & administration expenses, and selling & marketing costs.
The telco’s net loss widened to SAR 9.1 million in the fourth quarter of 2019, compared to a loss of SAR 5 million in the same period last year.