(MENAFN) Etihad Etisalat (Mobily), Saudi Arabia's number 2 telecom operator, said that it has registered a net loss of USD607.1 million during the October-December period of 2014 compared with USD449.77 million in net profit during the same period in 2013, Arabian Business reported.
Mobily, an affiliate of the United Arab Emirates' Etisalat, said that the net loss is attributed to a decrease in revenues, an increase in operating expenses, higher depreciation and finance expenses as well as exceptional expense items.
The net loss also comes after Mobily, which competes with the Gulf's number 1 operator Saudi Telecom Co and Zain Saudi, was forced to cut its profits for 2013 and the first half of 2014 by a combined USD381.2 million in November due to accounting errors, as well as recording a 71 percent drop in its third quarter profit.
The operator also said that its 2014 annual profit was registered as USD58.55 million which is compared with USD1.58 billion as net profit in 2013.
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