Kuwait – Mubasher: IFA Hotels and Resorts achieved profits worth nearly KWD 90,880 ($298,430) in Q3-16 versus losses of KWD 4.23 million ($13.89 million) in Q3-15.

During the first nine months of 2016, the company achieved earnings worth approximately KWD 516,780 against losses of KWD 7.8 million in the same period a year ago, the company said a bourse filing issued on Tuesday.

The profitability in financials was due to a profit from the sale of a subsidiary for KWD 4.5 million as well as a partial profit from the sale of a subsidiary for KWD 1 million, and an increase in revenue by KWD 1.2 million, the company clarified.

On the stock level, IFA Hotels retreated by 6.7% to reach 140 fils by the end of Tuesday’s trading session, after 200 shares were traded at a value of KWD 28.