Riyadh – Mubasher: The Saudi Cable Company on Monday announced that its accumulated losses reached SAR 145.1 million by the end of July 2017, representing 35.89% of the company’s paid-up capital, amending its announcement from Sunday.
On Sunday, the Kingdom-based firm said that its accumulated losses exceeded SAR 121 million by the end of July 2017, making up 29.94% of the firm’s capital.
The company attributed its losses to operational losses, according to a statement to the Saudi Stock Exchange (Tadawul).
“These losses are based on the Saudi Organization for Certified Public Accountants’ (SOCPA) standards and do not reflect adjustments for convergence to the newly applicable International Accounting Standards (IFRS) as they are to be reviewed by the external auditors of the company,” the statement added.
The Saudi-listed firm on Thursday, 17 August, stated that it will delay announcing its audited financial statements for the second quarter of 2017.
