Mobily Value Tumbles $1.83 Billion as Investors Seek Clarity - Bloomberg

Mobily Value Tumbles $1.83 Billion as Investors Seek Clarity - Bloomberg:



"Etihad Etisalat Co. (EEC) shares plunged for a second day after the Saudi phone operator posted its first loss since 2005, erasing $1.83 billion of its market value. 




The shares of the company known as Mobily declined by the daily limit for a second day, slumping 9.8 percent to 38.50 riyals at the close. The market value has slid to 29.7 billion riyals ($7.9 billion) from 36.5 billion riyals on Jan. 21, according to data compiled by Bloomberg. The shares have dropped 57 percent in the past 12 months, compared with a 2.9 percent retreat for the country’s benchmark stock index.



Mobily, which suspended Chief Executive Officer Khalid Omar Al Kaf after accounting errors in November, reported a 2.28 billion-riyal loss for in the fourth quarter after a profit a year earlier. The company cited a drop in non-recurring revenue and an increase in operating expenses as reasons for loss."



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