Riyadh – Mubasher: Etihad Etisalat (Mobily) earned SAR 18.8 million ($5.01 million) during the second quarter of 2016 against SAR 901 million ($240.2 million) losses for the year-ago quarter, according to a bourse filing.
Higher Q2 net profit was driven by an increase in the company's gross profits by SAR 206 million due to its continuous efforts to optimize costs and to partially offset financing expenses that rose by SAR 82.5 million in the second quarter.
During the first six months, Mobily registered SAR 35.4 million profits versus SAR 945.4 million losses for the year-ago period.
The company attributed H1 profits to a rise of SAR 214 million in gross profits which reflect the company's effort to optimize costs. But H1 financial results were negatively affected by allocating SAR 800 million doubtful debt provision for Zain KSA.
In the first quarter of the same fiscal year, the company recorded a net profit of SAR 17 million ($4.53 million) against a net loss of SAR 45 million ($12 million) for the year-ago quarter.
