Etisalat profit tumbles 40% on Mobily fixes | GulfNews.com:
"Etisalat said its second-quarter net profit tumbled by 40 per cent to Dh1.5 billion compared to Dh2.5 billion a year earlier due to its affiliate’s Etihad Etisalat (Mobily) accounting errors and forex losses.
Mobily’s fortunes started to unravel last November when it began disclosing accounting errors and restated 18 months of its earnings due to excessive booking of revenue from wholesale broadband leases and mobile promotional campaigns.
Etisalat, which owns 27.45 per cent of Mobily, said last month that the Saudi telecom operator’s revisions and provisions will negatively impact its consolidated net profit by around Dh204 million this year."
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