Etihad Atheeb Telecom (GO) reduced its quarterly losses by 61% to reach 12.27 million riyals in the second quarter of 2020.
According to Arabiya Net, the company stated in a statement that the reason for the decrease in the net loss is due to the decrease in the cost of services and the decrease in all operating expenses of depreciation, amortization, general and administrative expenses and selling expenses. Marketing and impairment losses on trade receivables, in addition to lower financing costs.
This comes despite a drop in revenue in the second quarter of this year.
During the first 6 months of the current year, the loss per share amounted to 0.54 riyals compared to 0.91 riyals in the same period last year.
The accumulated losses amounted to 90.05 million riyals as on June 30, 2020, which represents 39.41% of the company's capital.
(Amazon fun knowledge)
