Saudi Cable trims losses to SAR 16m in 3M
-5.71% 36.35 -2.20
Riyadh – Mubasher: The Saudi Cable Companyon Thursday reported shrinking losses by 54.45% year-on-year during the third quarter of 2018, whereas losses soared 612% in the first nine months.
Net losses dropped to SAR 15.71 million ($4.19 million) in Q3-18, from SAR 34.49 million ($9.20 million) during Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Saudi Cable attributed the large decrease in losses to achieving an SAR 47.6 million profit from selling a unit, whereas operating expenses and financing costs levelled down during the period.
Quarter-on-quarter, losses declined 84%, from SAR 97.24 million.
At the level of the first nine months, the firm’s losses surged 612%, reaching SAR 133.67 million from SAR 18.77 million in the same period of 2017
By 12:47 pm Saudi time, the Saudi Cable Company’s stock fell 3.37%, reaching SAR 37.25.
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