Mubasher: Metal and Recycling suffered a loss of KWD 324,000 ($1.07 million) during the fourth quarter of 2018 against profits worth nearly KWD 72,080 ($237,500) in the corresponding period a year ago.
During fiscal year 2018, the company incurred losses of KWD 1.27 million, versus a net profit of about KWD 56,280 in FY17, according to a bourse statement on Sunday.
The negative turn in FY18 financials is attributed to higher general and administrative expenses, in addition to other operating expenditure.
The board members of Metal and Recycling have recommended not to distribute dividends for the fiscal year ended on 31 December 2018.
