Kuwait – Mubasher: IFA Hotels and Resorts achieved profits worth KWD 2.48 million ($8.22 million) in the second quarter of 2016 versus losses of KWD 2.63 million ($8.71 million) in the corresponding period of 2015.

Similarly, the company’s financials turned profitable in the first six months this year when it reported profits worth about KWD 425,900 against losses of KWD 3.57 million in the same half of 2015, according to a bourse statement.

 The positive turn in financials resulted from the sale of a subsidiary for KWD 4.5 million as well as lower operating expenses and other costs for KWD 2 million, IFA Hotels clarified.