Mubasher: The financial statements of Al Arabiya Real Estate revealed a 51% year-on-year increase in losses during the second quarter of 2019.
The losses of the period amounted to around KWD 738,640 ($2.43 million), compared to nearly KWD 362,160 ($1.19 million) in Q2-18, Al Arabiya Real Estate disclosed on Monday.
In the first half of 2019, Al Arabiya Real Estate’s losses tumbled 4.4% to around KWD 729,340 from about KWD 763,030 in H1-18.
The company ascribed the losses of the period to higher financing costs, according to the disclosure.
Noteworthy, in the first quarter of 2019, Al Arabiya Real Estate earned around KWD 9,300 profits, against around KWD 400,870 losses in Q1-18.
