Riyadh – Mubasher: Saudi Cable Company (SCC) achieved a 34.6% annual growth in net losses after Zakat and tax during the first quarter (Q1) of 2020 at SAR 43.2 million.

Revenues shrank by 41.8% annually to reach SAR 59.5 million in the first three months of the year, according to a bourse disclosure on Sunday.

The net losses are mainly due to lower trading volumes because of severe restrictions on the working capital, resulting in heavy unutilised capacity and consequently increased unrecovered fixed costs.

Furthermore, the company incurred higher expenses as a result of the capital raise and saw an increase in its share of losses from associates.