Kuwait - Mubasher: Tamdeen Real Estate on Tuesday said it incurred losses in the fourth quarter which ended on 31 December 2016 compared to the same period in 2015.

Losses for Q4-16 amounted to KWD 849,000 ($2.77 million) against profits worth KWD 856,000 ($2.79 million) in the corresponding period in 2015, according to company results published on Boursa Kuwait.

Annual profits for 2016 retreated 25.3% to KWD 7.37 million from KWD 9.86 million in 2015, the company added in its statement.

The decline in annual profits was due to a decrease in revenues from investments and lower profits from the sale of investments available for sale, especially compared to 2015, Tamdeen said.

The real estate company’s board recommended the distribution of cash dividends for 2016 representing 10% of the share’s par value or of 10 fils per share.

Shareholders approved in May 2016 the distribution of a 10% dividend for 2015, as well as 5% bonus shares, at 1-for-20.

Tamdeen last reported an 8.8% drop in its profits in the first nine months of 2016, reaching KWD 8.21 million compared KWD 9.01 million recorded in the same period in 2015.