Etihad GO Telecom Co. — Earnings Release 2011

Oct 19, 2011

Etihad Atheeb Telecommunication Company (GO) Announces the preliminary financial results for the period ended September 30, 2011 (Six Months)

7040 · 19/10/2011 19:35:43 · Announcement #23152 · View on Saudi Exchange

Etihad Atheeb Telecommunication Company (GO) Announces the preliminary financial results for the period ended September 30, 2011 (Six Months)

Etihad Atheeb Telecommunication Company (GO) announces the preliminary financial results for the period ended 30/09/2011.

1.Net loss during the Second quarter SR 85.4 million , compared with SR 146.3 million for the same quarter the previous year, a decrease of 41.63%, and for SR 98.8 million for the previous quarter and an decrease of 13.56%.

2.Gross profit during the Second quarter SR 3.6 million, compared with a gross loss of SR 35.3 million for the same quarter of last year.

3.Operating loss during the Second quarter SR 77.8 million, compared with SR 137.3 million for the same quarter of last year, a decrease of 43.34%.

4. Net loss during the six months SR 184.2 million , compared with SR 307.2 million for the same Period previous year, a decrease of 40.04%.

.5 Loss per share in the six months amounted to SR 4.60, as compared to SR 7.68 for the same period the previous year.

The earnings per share for the comparative period have been adjusted to reflect the effect of capital reduction retrospectively dated 6 Ramdan 1432H corresponding to 6 August 2011.

6.Gross profit during the six months SR 3.9 million, compared with gross loss SR 73.9 million for the same period previous year.

7. Loss from operations for the six months SR 167.3 million, compared with loss of SR 291.7 million for the same period previous year, a decrease of 42.65%.

8. The company continued to target the consumers as well as the enterprise business segments which led to an improvement of the companys profitability with a gross margin for the last 6 months of SR3.9 Million compared to the same period of 2010 with a gross loss of SR 73.9 Million and that due to the decrease of the cost of services.The company continued to work on optimizing the cost of its operations and becoming more efficient without impacting its performance. Nevertheless, the process of increasing the capital of SR1,175 Million has been sent to the authorities for approvals . The shareholders committed to pay 65% from the total approved amounts and the new capital will be SR1,575 Million after this increase.

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