Kuwait - Mubasher: Boubyan International Industries Holding reported an increase in losses by 860.2% year-on-year in the fourth quarter that ended 31 July 2016, according to a bourse filing.

The company’s losses reached KWD 16.9 million ($55.66 million) compared to losses of KWD 1.76 million ($5.8 million) in the same period of the year before.

Boubyan attributed the rise in losses to lower returns on investments, as well as a drop in revenues, according to the company’s statement to the Kuwait Stock Exchange (KSE) on Thursday.

During its meeting today, the company’s board recommended no to distribute cash dividends for the fiscal year 2015-2016.