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First Takaful sees higher losses in Q4

First Takaful sees higher losses in Q4
Photo Credit: Arabianeye-Reuters
FTI
FTI
4.23% 197.00 8.00

Kuwait-Mubasher: First Takaful Insurance registered a 522.5% increase in losses for the fourth quarter in 2015, the company said in a bourse statement.

The company posted losses worth about 697,800 ($2.32 million) in Q4-15, compared to nearly KWD 112,100 ($372,360) in Q4-14.

First Takaful reported losses worth approximately KWD 832,350 ($2.766 million) during the fiscal year 2015, 85.6% lower from KWD 5.79 million ($19.24 million) in 2014.

The board of the insurance company proposed no dividends distribution for FY15.

First Takaful stock did not witness any trades at the beginning of Wednesday’s trading session, while its last trading activity was on 1 March when it fell by 3.85% to settle at 50 fils.