Etisalat amends profit statements following Mobily accounting blip
$44m from 2013, 2014 shaved following Saudi affiliate’s financial faux-pas
Abu Dhabi-based telecoms provider Etisalat will revise earnings statements dating back to the beginning of 2013, following reports this week of Saudi Arabian affiliate Mobily’s decision to amend previous financial reports due to accounting errors, Reuters reported.
Etisalat has a 27.5% stake in Mobily, which announced on Monday it would amend financial statements from January 2013 to the end of June 2014, cutting profits by a total of AED1.43bn ($381.2m).
Etisalat’s adjustment to reported post-deductions profits, which will be issued in its Q4 statement, includes AED130m cut from 2013 and AED32m from the first three quarters of this year, for a combined AED162m ($44m).
Etisalat had reported net profit of AED7.08bn in 2013, AED1.18bn (16.7%) of which was attributed to Mobily.