Riyadh – Mubasher: Saudi Cable Co. on Sunday announced deepening its losses for the first quarter of the year by 526% to SAR 49.72 million ($13.26 million), compared to SAR 7.94 million ($2.12 million) recorded in the same period in 2015.
The rise in year-on-year losses was attributed to falling sales and to lower hedging against losses from cancelling the remainder of a purchase order related to a Saudi Electricity Co., the cables firm said in a bourse filing.
It noted the rising losses was also due to lower profits from a sister company.
The Capital Market Authority (CMA) on Thursday announced suspending the company’s share from trading as Saudi Cable had not posted its financials for the Q1-16.
