Riyadh – Mubasher: The Saudi Cable Company on Sunday announced that its accumulated losses exceeded SAR 121 million by the end of July 2017, making up 29.94% of the firm’s capital.

The losses are attributed to operational losses, according to the company’s 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 procedures and instructions issued by the Saudi Capital Market Authority (CMA) related to listed firms of which accumulated losses have reached 20% or more, and less than 35% of paid-up capital will be implemented.

Saudi Cable on Thursday, 17 August, said it will delay announcing its audited financial statements for the second quarter of 2017.

In July, the Saudi Cables’ extraordinary general meeting (EGM) approved the board’s recommendation to decrease its capital by 46.83% to SAR 404.11 million, from SAR 760 million to offset the current accumulated losses.