Riyadh – Mubasher: The unaudited financial results showed that Saudi Cable Co. achieved SAR 489.3 million retained losses in the fourth quarter of 2016, which is 64.3% of its paid-up 760 million capital.
The reason to the losses is mainly due to extraordinary items including provision against development costs of accessories and extra-high voltage cable segments in Saudi Arabia and Turkey, according to a bourse filing on Thursday.
The company stated that the procedures and instructions issued by the Capital Market Authority (CMA) for listed companies with accumulated losses that have reached 50% or more of issued capital will apply to it.
Saudi Cable Company announced that there will be delay in publishing its Q4 audit reviewed financial statements on Tadawul, as its external auditors require that an independent assessment for cash flow forecasts be carried out before the audit opinion.
The company expects that this process will take 6 weeks, and the company will announce for the 4th Quarter of 2016 reviewed financial statements soon after the approval on them by the external auditor, the statement said.
