Etihad GO Telecom Co. — Earnings Release 2012

May 26, 2012

ETIHAD ATHEEB TELECOMMUNICATION COMPANY (GO) ANNOUNCES THE FINANCIAL RESULTS FOR THE YEAR ENDING MARCH 31, 2012.

7040 · 26/05/2012 16:54:09 · Announcement #25941 · View on Saudi Exchange

ETIHAD ATHEEB TELECOMMUNICATION COMPANY (GO) ANNOUNCES THE FINANCIAL RESULTS FOR THE YEAR ENDING MARCH 31, 2012.

Etihad Atheeb Telecommunication Company (GO) announces the financial results for the year ending 31/03/2012.

1. The Net Loss for the year amounted to SAR (46.5) million, compared to SAR (575.1) million for the corresponding period year with a decrease of (91.91%).

2. Loss per share amounted to SAR (1.16) compared to SAR (14.38) for the corresponding year.

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

3.The Gross profit amounted SAR 36.2 million, compared to SAR (123.2) million loss for the corresponding year.

4. The operating loss amounted to SAR (302.4) million compared to SAR (540.9) million for the corresponding year with a decrease of (44.09%).

Certain prior period amounts have been reclassified to conform to the presentation in the current period.

5-During the year ended 31 March 2012, the Company has reached and signed a full and final settlement agreement with a vendor .This has resulted in an extinguishment of related payables in favor of the Company amounting to SR 307.5 million. Management is in the process of completing a detailed impairment assessment of its assets. In the absence of a completed detailed impairment assessment, and our inability to perform any alternative audit procedures, we have been unable to conclude on whether any impairment loss is to be recorded.

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