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Saudi Cable FY14 losses shrink; auditor cites issues

Saudi Cable FY14 losses shrink; auditor cites issues
Photo Credit: Arabianeye-Reuters
SAUDI CABLE
2110
62.90% 93.10 35.95

Riyadh – Mubasher: Saudi Cable Co. said Tuesday it trimmed its net losses for fiscal year 2014 by 12% to SAR 201.7 million, down from SAR 229.1 million logged a year earlier and short of the previously-announced net loss of SAR 203.26 million.

However, the company’s external auditor said there are several issues still at hand, including the company’s failure to disclose a number of loans as current liabilities in its consolidated financial statements.

The auditor also noted that there may be uncertainty regarding the group’s going concern.

Moreover, revenues for which no bills have been issued are estimated at SAR 50.4 million, the auditor added.

The company delayed the announcement of its 2014 financial results five successive times, the last of which was 13 April.

The company’s accumulated losses amounted to SAR 367.33 million, or 48.3% of capital, according to the auditor.