Kuwait - Mubasher: Munshaat Real Estate Projects Company’s losses increased by 32.6% in the fourth quarter of 2016 compared to the same period in 2015.

Losses of Q4-16 reached KWD 5.05 million ($16.5million), compared to KWD 3.81 million ($ 12.5million) in Q4-15, according to financial data.

Annual losses of 2016 amounted to KWD 7.98 million against 2015 profits of KWD 960,730.

The company turned to losses in the first nine months of 2016 with KWD 2.94 million, against profits in the same period of 2015 of KWD 4.78 million.

The board recommended not to distribute cash dividends of last year, same as in 2015.

Munshaat’s stock ended Thursday’s trading session down 1.56% at 63 fils through trading 4.64 million shares at KWD 291,900.