Saudi’s Mobily Q3 net profit rises 41 pct to record
Emirates Telecommunications is biggest shareholder.
October 17, 2010 4:09 by Reuters
Mobily, Saudi Arabia’s second-biggest telecom operator, posted a better-than-expected 41-percent rise in quarterly profits on Sunday after cutting international networks costs and on higher broadband revenues.
Mobily, also known as Etihad Etisalat, made record net profit of 1.14 billion riyals ($303.5 million) in the three months to Sept. 30, up from 807 million a year earlier, it said in a statement.
Mobily, which competes with state-controlled Saudi Telecom and Zain Saudi Arabia, raised its net operating income during the third-quarter by 38 percent to 1.19 billion riyals while it was 29 percent above its level a year earlier during the second quarter at 940 million riyals.
Emirates Telecommunications is Mobily’s biggest shareholder with a 27.4 percent stake.
(Reporting by Souhail Karam; Editing by Amran Abocar)