Saturday 26 May 2018

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

Tags: Saudi Arabia | land | Atheeb |

More IT & Telecommunications Stories

calendarCalendar of Events