Kuwait-Mubasher: Al Themar International Holding posted a growth of 1.6% in profits of the fourth quarter of the fiscal year ended 31 March, 2016, according to a statement issued Tuesday.

Al Themar’s Q4 earnings increased to KWD 3.12 million ($10.3 million), from KWD 3.07 million ($10.15 million) in Q4 ended 31 March, 2015.

During the fiscal year ended 31 March, 2016, the company suffered losses worth KWD 17.64 million ($58.3 million) as compared to KWD 7.24 million ($23.93 million) in the previous fiscal year.

The board has proposed retaining earnings for the fiscal year ended 31 March, 2016.

Furthermore, Al Themar recommended a capital reduction through offsetting Q4 losses which totalled KWD 13.8 million as well as retiring 101.2 million treasury shares at a nominal value of KWD 10.1 million.