Etihad Atheeb Telecom Co. "GO" (TASI symbol: 7040 Atheeb Telecom) announced the initial financial results for the second quarter ended September 30, 2010. GO was able to reduce the net loss for the second quarter by 9% to SR 146.3 million compared to the previous quarter, while income had risen by 10.9% compared to the previous quarter to SR 46.8 million.
Eng. Raed Kayal, Acting Chief Executive Officer of Etihad Atheeb Telecom Co. "GO" stated: "The initial financial results for the second quarter reflect a significant improvement in both operational performance and operational income, "GO" was able to minimize operational expenses and net loss by 9% compared to the previous quarter, and increase services income by 11% compared to the previous quarter, this increase is the direct result of the company's success in raising its active subscribers base, particularly with Advanced Voice (Easy Phone) and Data services (Broadband Internet), and the launch of GO's business packages, ( Baria ) - the first package of its kind designed for female entrepreneurs in the Saudi Arabia, and (GO Business). "GO" will continue its operational strategies with an emphasis on reducing operational costs and optimizing current assists. Given the company's exceptional infrastructure and advanced 4G wireless communications network, we expect a continues growth of the company's active subscribers base, and new consumer and business products, also taking into consideration the Board of Directors' recommendation to release a Rights Issue of 600 million Saudi Riyals after acquiring all regulatory approvals. The company will continue its endeavor in cooperation with regulatory authorities to accelerate the implementation of Fair Competition policies in the Broadband and fixed Line market which would reflect positively on innovation and quality of service."