Riyadh-Mubasher: Middle East Specialized Cables (MESC) posted net losses of SAR 57.3 million in the fourth quarter of 2015, a 905% surge from SAR 5.7 million reported in the same period a year earlier, according to a bourse filing on Wednesday.

Net losses jumped 220% to SAR 73.9 million in FY15, compared to SAR 23.1 million in FY15.

The annual and quarterly losses rise is mainly attributed to the decrease in sales and recording provisions for doubtful debts, in addition to inventory and impairment in plant and machineries value in the Jordanian subsidiaries which led to a difference between the carrying value and fair value of these assets.