Saudi’s Mobily shares hit 6-year low after earnings restatement, Q2 loss

Shares in Saudi Arabian telecommunications firm Etihad Etisalat (Mobily) tumbled to a six-year low. (Twitter)

Shares in Saudi Arabian telecommunications firm Etihad Etisalat (Mobily) tumbled to a six-year low as they resumed trading on Monday after the company restated earnings for 27 months and posted a second-quarter loss.

The stock opened 10 percent lower at 30.50 riyals, its lowest since mid-2009, although it then pared its losses after a few minutes to stand 3.0 percent down. Mobily was the most heavily traded stock in the kingdom.

Mobily last week restated results for 2013-14 and the first quarter of 2015, slashing total profits over the period by nearly 1.76 billion riyals ($470 million) in its latest attempt to resolve an accounting scandal.
 

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Last Update: 06:45 KSA 09:45 - GMT 06:45
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