Mubasher: Aayan Leasing and Investment turned to losses during the first quarter of 2019, against posting a profit in the year-ago period.

The company suffered a loss of KWD 3.06 million ($10.1 million) during Q1-19, against generating KWD 481,080 ($1.6 million) in profits in Q1-18, according to a statement to Boursa Kuwait on Sunday.

Aayan ascribed the negative turn in Q1-19 financials to reducing its stake in results of an associate.

In 2018, Aayan Leasing turned profitable after logging KWD 3.02 million, against a loss of KWD 850,000 a year earlier.