Riyadh – Mubasher: Saudi Cable Co. on Thursday reported a 12.4% decline in its losses during the first quarter of 2018, compared to the same period in the previous year.
The firm’s losses trimmed to SAR 20.7 million in the three-month period ended March 2018, down from SAR 23.7 million during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed firm attributed the fall of first-quarter losses to a waive off SAR 24.99 million loans from one of the restructuring banks, a decline in operating expenses, and profits of associates.
“We were unable to obtain sufficient appropriate evidence in respect of the recoverability of unbilled revenues related to a subsidiary, amounted to SAR 16.10 million for Q1-18, [compared to] SAR 20.66 million during Q4-17 that are overdue for more than one year,” the statement added.
Quarter-on-quarter, losses were reduced by 66.3% from SAR 61.5 million during Q4-17.
Saudi Cable Co.’s stock inched down 0.60% to close Thursday at SAR 9.95.
