Kuwait – Mubasher: Specialities Group Holding posted a 54.2% year-on-year rise in its losses during the fourth quarter of 2016, according to a bourse statement.

Losses reached KWD 2.59 million ($8.48 million) in Q4-16, compared to KWD 1.68 million ($5.5 million) in Q4-15.

The company incurred losses of KWD 3 million in 2016, down 10.5% from KWD 3.35 million a year earlier.

“The net losses are due to the impairment losses on investment in associates, share of results from associates, write-down of trading properties, and provision for doubtful debts,” according to the company.