Saudi Cable Company announces the Administrative Interim Financial Results for the period ending 31/01/2017 (1 month)
1.The net loss for the month of January 2017 amounts to SR 14.65 million as against net loss of SR 128.77 million for the month of December 2016, a decrease of 88.62%.
2.The gross profit for the month of January 2017 amounts to SR 0.96 million as against a gross profit of SR 14.77 million for the month of December 2016, a decrease of 93.52%.
3.The operating loss for the month of January 2017 amounts to SR 11.70 million as against an operating loss of SR 124.68 million for the month of December 2016, a decrease of 90.62%.
4.The loss per share during the one month period January 2017 amounts to SR 0.19
5.The total assets at 31st January 2017 amounted to SR 2.151.21 million.
6.The total liabilities at 31st January 2017 amounted to SR 1.910.55 million.
7.The total shareholders equity at 31st January 2017 amounted to SR 240.65 million.
8.Accumulated losses as at 31st January 2017 were SR 515.65 million, constituting to 67.85% of share capital. The Reason to the losses is mainly due to the losses generated from operations and the following extraordinary items charged to the income statements for the year 2016:
A.Provision against development costs of accessories and extra-high voltage cable segments in Saudi Arabia and Turkey.
B.Write off of the Goodwill in the company investment in its Turkish subsidiary Elimsan.
C.Provision for rightsizing expenses.
9.The company will apply the procedures and instructions issued by the Capital Market Authority related to companies listed her name in the market, which amounted to accumulated losses of 50% or more of its capital. Attached to you the administrative financial statements for the period ended the 31/1/2017.
Attached Documents
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