Riyadh – Mubasher: The Saudi Cable Company on Monday reported turning to losses during the second quarter of 2018.

The firm registered SAR 97.24 million ($25.92 million) in net losses in Q2-18, against SAR 39.38 million ($10.50 million) net profits during the year-ago period, according to a bourse statement.

Quarter-on-quarter, Saudi Cable Company widened its losses by 369%.

The firm attributed the losses suffered in Q2-18 to a drop in sales added to losses in a subsidiary.

Between January and June, the Saudi cable firm incurred SAR 117.96 million in losses versus SAR 15.73 million in profits in H1-17.

By 10:33 am Saudi time, Saudi Cable's stock fell 2.47% to reach SAR 7.10.