Riyadh – Mubasher: Saudi Cable Co. on Monday stated that it turned to losses during the third quarter of 2017, against generating profits in the year-ago period.

The cable firm’s net losses amounted to SAR 34.5 million in Q3-17 that ended on 30 September 2017, compared to SAR 4.9 million profits in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi company attributed the third-quarter losses to a decrease in profit stake from associate companies, as well as the lack of gains from assets’ sale.

During the first nine months of 2017, Saudi Cable Co.’s losses decreased 76.9% to SAR 18.8 million, down from SAR 81.1 million in the corresponding period of 2016.