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MESC cuts Q1 losses by 76%

MESC cuts Q1 losses by 76%
Net losses after zakat and tax fell by 76.28% to SAR 6 million in Q2-19
MESC
2370
-0.66% 9.01 -0.06

Riyadh – Mubasher: Middle East Specialized Cables Company (MESC) disclosed its interim financial results for the second quarter of 2019.

Net losses after zakat and tax fell by 76.28% to SAR 6 million in Q2-19, compared to SAR 25.3 million in Q2-18, according to a bourse filing on Monday.

Similarly, revenues went down by 20.32% to SAR 119.2 million during the three-month period ended June, from SAR 149.6 million in the same period of the prior year.

On a yearly basis, net losses of MESC retreated by 52.16% to SAR 16.6 million during the first half of 2019.

Total revenues levelled down 25.3% to SAR 233.9 million in H1-19, versus SAR 313.4 million in H1-18.

Loss per share recorded SAR .41 during the first six months of 2019, compared to SAR 0.87 in the same period of the previous year.