Mubasher: The financial statements of Al Massaleh Real Estate indicated a 93.4% year-on-year decline in losses in the second quarter of 2019.
The losses of the period amounted to around KWD 84,440 ($278,170), compared to KWD 1.28 million ($4.22 million) in Q2-18, the company disclosed to Boursa Kuwait on Thursday.
In the first half of 2019, Al Massaleh has suffered losses worth nearly KWD 266,620, compared to KWD 1.41 million in H1-18, with an 81.1% retreat.
The company ascribed the period’s decline in H1-19 losses to improving operating profits, compared to higher losses in the same period of 2018 due to the discontinued operations of a subsidiary, according to the disclosure.
Noteworthy, in the first quarter of 2019, Al Massaleh’s losses deepened by 44.6% to around KWD 182,180 from about KWD 126,030 in Q1-18.
