Mobily reports massive jump in profits

Saudi Arabia’s second cellular operator has reported a 162% year-on-year jump in quarterly net income for the three months to the end of June. Mobily says that profits rose from USD30.9 million in the second quarter of 2006 to USD81 million in the same period this year. Operating profit was up 40% to USD541 million and sales rose 51.7% to USD1.04 billion. Mobily now has over seven million subscribers.