|11-09-2014, 01:53 PM||#1|
Saudi Arabia`s Mobily regurgitate earnings of 18 months
The second top telecommunications of Saudi Arabia, Mobily, regurgitated earnings of the past 18 months last week posting a considerable plunge of profits as a result of accounting errors before that its stock market is opened to direct foreign investment.
Mobily last year profits were actually cut by 740 million riyals ($197.28 million) while that for the first half of this year these profits were cut by 688 million riyals due to the reported accounting errors.
“This may be a temporary glitch as Mobily has actively engaged analysts and the investor community in the past,” said, head of research at Riyad Capital, Asim Bukhtiar.
“It might take a couple of quarters to shake off this misstep and the company may need to do some damage control," he added.
Such an error could easily halt the foreign investors to enter Saudi Arabia`s stock exchange although the kingdom ranked highest among the five main Middle Eastern stock exchange markets.
Mobily shares plunged in the Saudi Arabia`s stock exchange market by 8 percent last week to a 16-month low of 79.95 riyals.
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