Riyadh - Mubasher: Preliminary financial statements of Saudi Cable Company showed an increase in net losses by 51.4% during the third quarter (Q3) of the year.

Losses amounted to SAR 23.79 million in Q3-19, compared with SAR 15.7 million in losses for the corresponding period last year, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The increase in losses was attributed by Saudi Cable to lower sales volumes, which was partially offset by from an improved product mix.

The company also witnessed reduced operating expenses and finance cost, a decreased share of loss from associates, and an absence of gain on disposal of subsidiary amounting to SAR 47.6 million, which occurred in the same quarter of last year.

Accordingly, losses decreased in the first nine months of the year by 44.5% to SAR 74.2 million, down from SAR 133.67 million for the same period in 2018.

Moreover, accumulated losses decreased to SAR 19.2 million, representing around 17.36% of the new capital that has been revised to SAR 110.6 million in accordance with the Board of Directors' decision in August.

Source: Mubasher

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