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Etihad Atheeb Drops Most in Almost Two Years on Quarterly Loss

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Jan. 22 (Bloomberg) -- Etihad Atheeb Telecommunications Co. dropped the most in almost two years after the Saudi Arabian phone operator said its net loss for the quarter ended Dec. 31 more than doubled from a year earlier.

The shares declined as much as 8.7 percent, the most since at least March 22, 2009, to 13.60 riyals, and were down 7.1 percent at 13.85 riyals at 12:40 p.m. in Riyadh.

The quarterly loss widened to 143.6 million riyals ($38.3 million) from 66.8 million a year earlier.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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