RIYADH: Etihad Atheeb Telecommunication Co. has managed to slightly narrow down its losses by 2 percent in the fiscal year ended March 31, by ramping up its sales.
Better known as Go, the company brought down its losses to SR37.4 million ($10 million) from SR38.26 million reported a year earlier, according to a bourse filing.
Its improved results were accompanied by a 34 percent boost in revenue to SR378.55 million, up from SR282 million in the previous year.
The results were driven by the decrease in allowance for impairment in trade receivables, allowance for impairment in fixed assets, and Zakat expense.
The firm reported that its accumulated losses reached SR16 million at the end of its fiscal year, representing 17.78 percent of its share capital.
