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Etihad Atheeb Telecommunication Co. announces the interim financial results for the period ending on 31-03-2017 (Twelve Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -22.02 -62.64 64.85 -60.25 63.45
Gross profit (loss) 31.1 8.81 253.01 29.14 6.73
Operational profit (loss) -46.85 -70.92 33.94 -61.04 23.25
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -138.62 -148.1 6.4
Gross profit (loss) 82.4 31.38 162.59
Operational profit (loss) -246.71 -289.47 14.77
Earning or loss per share, Riyals -0.88 -0.94 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for the decrease in the net loss for this quarter compared with the same quarter of last year is due to the increase in the operating revenue and other income, in addition to the decrease in operating expenses.
Reasons of increase (decrease) for period compared with same period last year The reason for the decrease in the net loss for the current period compared to the corresponding period last year is due to the increase in the operating revenue.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the decrease in the net loss for the quarter compared to the previous quarter of this year is due to the increase in operating revenue and other income, and the decrease in other operating expenses.
External auditor's report containing reservation Scope of reviewWe conducted our review in accordance with the International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, endorsed in the Kingdom of Saudi Arabia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, endorsed in the Kingdom of Saudi Arabia, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. ConclusionBased on our review, nothing has come to our attention that causes us to believe that the accompanying 31 March 2017 interim financial statements is not prepared, in all material respects, in accordance with the generally accepted accounting standards in Saudi Arabia issued by the Saudi Organization for Certified Public Accountants (SOCPA).Emphasis of matterWe draw attention to Note 2(b) to the accompanying interim financial statements; as at 31 March 2017, the Companys current liabilities exceeded its current assets and the accumulated losses approximate to 78.34% of the Companys share capital. We have considered the adequacy of the disclosure made in note 2(b) to the interim financial statements concerning the Companys ability to continue as a going concern. These conditions indicate the existence of a material uncertainty, which may cast significant doubt about the companys ability to continue as a going concern.
Reclassifications in quarterly financial results Certain prior period amounts have been reclassified to conform to the presentation in the current period.
Other notes Quarter compared with the same period last year The company confirmed that the total revenues for this quarter ended March 31, 2017 reached SAR 129.1 million, with an increase of 33.2 % (SAR 32.2 million) compared with the same period of last year where the total revenues was SAR 96.9 million, This increase is due to increase in the consumer services revenue by 237.5% (SAR 34.9 million), as well as the increase of business to business revenues by 40.1 % (SAR 12.8 million) in spite of the decrease in the interconnection revenue by 31% (SAR 15.6 million).Period compared with the same period last year The company confirmed that the total revenues for the period of twelve months ended March 31, 2017 reached SAR 421.7 million, with an increase of 23.0 % (SAR 78.7 million) compared with the same period of last year where the total revenues was SAR 343.0 million, This increase is due to increase in the consumer services revenue by 140.8% (SAR 74.5 million) as a result of introducing new services with high speeds up to 200 Mbps using fiber optic (FTTH) and 4G technologies (LTE 4G) at competitive prices. As well as the increase of business to business revenues by 32.5 % (SAR 37.7 million) as a result of increasing the number of corporate customers due to the new services and solutions that EATC has provided to their customers, in spite of the decrease in the interconnection revenue by 19.2% (SAR 33.5 million) as a result of the decrease in the local and international traffic.Quarter compared to the previous quarter current yearThe company confirmed that the total revenues for the third quarter ended March 31, 2017 reached SAR 129.1 million, with an increase of 11% (SAR 12.7 million) compared with the previous quarter of the current year where the total revenues was SAR 116.4 million) is due to increase in the consumer services revenue by 35.2% (SAR 12.9 million) and increase in the business to business revenues by 7 % (SAR 2.9 million) and decrease in the interconnection revenue by 8.2% (SAR 3.1 million).Shareholders EquityThe total Shareholders Equity (No minority interest) decreased by 28.9% (SAR 138.6 million) that reached SAR 341.1 million compared to the same period of the last year of SAR 479.7 million, however the total Shareholders Equity decreased by 6.1% (SAR 22.0 million) compared with the third quarter of the current year.Earning per share (EPS) calculated based on 157,500,000 shares at 31 March 2017 before capital reduction

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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