(MENAFN) Saudi Arabia's Mobily reported a decline in its profit by 71 percent during the July-September period of this year, due to the Kingdom's second biggest telecommunications operator taking provisions for bad debts and impairments on its investments, Gulf Business reported.
The firm, also called Etihad Etisalat and 28 per cent owned by the United Arab Emirates' Etisalat, registered a net profit of USD125.8 million during the third quarter of this year, declining from USD434.39 million in profit registered during the same period in 2013.
Mobily attributed the decline in profit to its earnings not being boosted by non-recurring wholesale revenue during the third quarter of this year, compared to its revenue during the same quarter of last year.
The firm also said that the decline happened due to an increase in expenses in depreciation, sales, and marketing, which also included extra provisions of USD55.16 million for bad debts, slow-moving inventory and goodwill impairments on its investments.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.