Saudi Cable Company announces the Annual Financial Results for the year ending 31/12/2012 as follows:
1.The net loss amounted to SR 156.4 million as against a profit of SR5.1 million for the previous year.
2.The loss per share amounted to SR 2.06 as against a profit of SR 0.07 for the previous year.
3.The Gross profit amounted to SR 80.2 million, as against SR 143.5 million for the previous year, a decrease of 44.1%.
4.The Operating loss amounted to SR 120.1 million, as against SR 15.9 million for the previous year, an increase of 655.3%.
5.The reasons for the decrease in the current period compared to the similar period of last year are the adverse affects due to curtailment of operating banking facilities which caused a major disruption to the main operations of the group. Earlier in the 4th quarter reporting of the results, the group had posted a loss of SR 123 million for the year 2012.The major reason for the difference in that and the now declare loss of SR 156 million is mainly due to the recognition of negative fair value of an interest rate swap amounting SR 32 million.
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