Mubasher: Ithmaar Holding registered a decline of 94.9% in losses to total $2.93 million during the fourth quarter of 2016 from $57.79 million in the same period of the previous year.

During fiscal year 2016, Ithmaar achieved a net profit of $13.8 million against losses of $46.4 million in FY15, according to a bourse statement issued on Monday.

The board members of Ithmaar, which is listed on both Boursa Kuwait and Bahrain Bourse (BHB), recommended zero dividend payout for the fiscal year.