Mubasher: The financial statements of Metal and Recycling Company revealed an increase in losses by 67.9% on an annual basis during the fiscal year (FY) 2019.
The losses amounted to KWD 2.12 million ($6.83 million) last year, up from KWD 1.26 million ($4 million) in 2018, according to a stock exchange statement on Wednesday.
The increase in net loss is due to additional provisions registered for receivables, inventory, rental expenses, and related parties. Moreover, the company recorded additional expenses due to a rise in the annual rental value for the company’s premises.
By the end of the fourth quarter (Q4), the losses widened by 304.3% to KWD 1.3 million from KWD 324,394 in the same period a year earlier.
It is noteworthy that during the period from January to September 2019, the losses amounted to nearly KWD 811,980 from about KWD 940,520 a year earlier, with a 13.7% annual drop.
