Mubasher: Al Massaleh Real Estate reported lower losses by 27% on an annual basis over the fiscal year (FY) ended on 31 December 2019.
The losses amounted to KWD 1.69 million (about $5.39 million) by 2019 year-end, compared to KWD 2.31 million (around $7.4 million), according to a stock exchange statement on Tuesday.
The drop in the annual loss is attributed to higher operating profit by 77% during 2019.
Over the fourth quarter (Q4), the real estate developer suffered KWD 1.13 million worth of loss, up by 29.4% from KWD 876,509 in Q4-18.
Moreover, the board of directors proposed not to distribute any dividends to shareholders or remuneration to its members for 2019.
