Saudi- Mobily's net income declines to SR220 million in 2014

(MENAFN- Arab News) Etihad Etisalat Company on Wednesday announced the interim financial report for 2014 as compared to 2013.The company's Deputy CEO Serkan Okandan said: During the fourth quarter of 2014 Mobily continued to be very active in consumer and business segments through the launch of various new products services and tariffs enhancing customer experience. As the Mobily team our strategic focus is on providing superior experience with more value and world-class service through technology operational excellence and innovation.'He added: 'In 2015 and in line with our long-term growth strategy we will continue to invest in our mobile and fiber infrastructure and focus on consumer and business segments.We thank all of our customers employees partners and our shareholders for their contribution to Mobily success.'Revenues for the fiscal year 2014 amounted to SR15.82 billion in comparison to SR19.18 billion for the fiscal year 2013 representing a decrease of 17.5 percent. Excluding equipment sales revenues from both years revenues for the fiscal year 2014 would be 14.1 percent lower than last year. Gross profit for the fiscal year 2014 amounted to SR8.90 billion in comparison to SR12.19 billion for the fiscal year 2013 representing a decrease of 27.0 percent. EBITDA for the fiscal year 2014 amounted to SR3.92 billion in comparison to SR8.45 billion for the fiscal year 2013 representing a decrease of 53.7 percent. EBITDA margin for the fiscal year 2014 was 24.7 percent compared to 44.1 percent for the fiscal year 2013.Net income for the fiscal year 2014 amounted to SR220 million in comparison to SR5.94 billion for the fiscal year 2013 representing a decrease of 96.3 percent. Earnings per share for the fiscal year 2014 was SR0.29 in comparison to SR7.71 for the fiscal year 2013.Revenues for Q4 2014 amounted to SR2.79 billion in comparison to SR5.16 billion for the same quarter in 2013 representing a decrease of 45.9 percent. Gross profit for Q4 2014 amounted to SR915 million in comparison to SR3.57 billion for the same quarter in 2013 representing a decrease of 74.4 percent.