Riyadh – Mubasher: Saudi Cable Company reported a 14.6% year-on-year loss drop in the fiscal year 2018.

The Saudi-based firm’s losses amounted to SAR 68.63 million ($18.30 million) last year from SAR 80.32 million ($21.42 million) in 2017, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The decline in losses was ascribed to the waiver of loans worth SAR 228 million as compared to SAR 77 million in the year-ago period from the restructuring banks, along with SAR 47 million gains from disposing of a SAR 47 million subsidiary firm, as well as reduced operating expenses and finance costs.