Mobily Slips Back into Profit
Saudi Arabia's struggling mobile network operator, Etihad Etisalat (Mobily) has posted its first profit following the write down of nearly USD1 billion of its previous earnings. The company posted a modest profit of SR16.6 million ($4.43 million) for the first three months of this year -- compared to an adjusted loss of SR44.5 million a year ago. However, revenues fell to SR3.44 billion compared to SR3.66 billion a year earlier. The company attributed that to a decline in phone sales and a slowdown sales affected by customers fingerprint validation. Last year, the company was forced to restate the previous 27 months worth of reported profits, downgrading them by SR3.63 billion. The move has lead to a number of suspects being referred for prosecution.