Saudi telco Mobily Q2 net profit slips 18.6 pct, matches forecast
DUBAI, July 21
DUBAI, July 21 (Reuters) - Etihad Etisalat (Mobily), Saudi Arabia's No.2 telecom operator, matched forecasts with a 18.6 percent fall in second-quarter net profit on Monday after it scrapped a network sharing deal with Atheeb Telecom.
Mobily, an affiliate of the United Arab Emirates' Etisalat , made a first-quarter net profit of 1.31 billion riyals ($349.3 million), down from 1.61 billion riyals in the prior-year period.
Analysts polled by Reuters on average forecast Mobily would make a quarterly profit of 1.33 billion riyals.
In June, Mobily warned its second-quarter profit would be cut by 338.7 million riyals following the dissolution of a network sharing deal with fixed-line operator Atheeb. Mobily in May scrapped plans to buy into Atheeb following months of negotiations. ($1 = 3.7503 Saudi Riyals) (Reporting by David French; Editing by David Evans)