Loss-hit Atheeb sells Riyadh real estate
Riyadh, June 30, 2014
Saudi Arabia's Etihad Atheeb has sold land and property in the capital Riyadh for 160 million riyals ($42.7 million), the fixed line telecommunications operator said on Monday.
Loss-making Atheeb, which uses the brand name Go, sold a building and two plots of land to an unidentified buyer, according to a company filing to Riyadh's bourse.
These assets had a book value of 60 million riyals, giving Atheeb a gain of 100 million riyals, which will be reflected in its first-quarter results, the statement said. Atheeb's financial year starts on April 1.
The company made a net loss of 249 million riyals in the 12 months to March 31.-Reuters