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Mon 3 Aug 2015 01:39 PM

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Saudi's Mobily shares hit 6-year low after earnings restatement

Telecom operator sees shares slump to lowest since mid-2009 before paring losses on Monday

Saudi's Mobily shares hit 6-year low after earnings restatement

Shares in Saudi Arabian telecommunications firm Etihad Etisalat (Mobily) tumbled to a six-year low as they resumed trading on Monday after the company restated earnings for 27 months and posted a second-quarter loss.

The stock opened 10 percent lower at 30.50 riyals, its lowest since mid-2009, although it then pared its losses after a few minutes to stand 3.0 percent down. Mobily was the most heavily traded stock in the kingdom.

Mobily last week restated results for 2013-14 and the first quarter of 2015, slashing total profits over the period by nearly 1.76 billion riyals ($470 million) in its latest attempt to resolve an accounting scandal.

The firm, whose shares had been suspended since June, also posted a net loss of 900.9 million riyals for the second quarter of this year.

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