Kuwait – Mubasher: Manazel Holding registered losses in the third quarter of 2016 against earnings achieved in the same quarter a year ago.

Losses reached nearly KWD 197,880 ($652,700) in Q3-16 versus a profit of approximately KWD 161,200 ($531,720) in Q3-15, the company said in a bourse statement issued Wednesday.

During the first nine months of 2016, Manazel suffered losses of around KWD 944,540 against profits worth about KWD 520,020 in the same period in 2015.

The company clarified that the reason behind losses is the absence of real estate sales during the period ended 30 September, 2016.