Kuwait - Mubasher: Al Masaken International Real Estate Development Company reported an increase in losses by 1400% in the fourth quarter of 2016 compared to the same period in the year before.

According to the company’s statement to Boursa Kuwait on Tuesday, losses reached KWD 1.59 million ($5.2 million) during that period, up from KWD 106,000 ($346,500) in Q4-15, as shown by the company’s financial statements.

Losses in 2016 declined by 491.12% and totalled around KWD 1.94 million compared to nearly KWD 327,990 in 2015.