Riyadh – Mubasher: Saudi Cable Company posted a 54.3% year-on-year loss increase in the first quarter of 2019.

Net losses after zakat and tax recorded SAR 32.4 million in Q1-19, versus SAR 21.02 million in Q1-18, the company said in a recent statement to the Saudi Stock Exchange (Tadawul).

Total revenues retreated 62.7% to SAR 102 million during the first three months of 2019, compared to SAR 275 million in the same period of the prior year.

Losses per share (LPS) reached SAR 2.9 in Q1-19, versus SAR 0.51 in the corresponding period a year earlier.

The increase in Q1-19 losses was attributed to the lower volume in the current quarter, and the absence of waived off loans totalling SR 25 million from one of the restructuring banks in the current quarter.

Moreover, accumulated losses of the Saudi-based company stood at SAR 22.9 million, representing 20.7% of the company’s shares.

By the end of December 2018, Saudi Cable reported a 14.6% year-on-year loss drop, registering SAR 68.63 million.