Mubasher: Abyaar Real Estate Development suffered losses of KWD 3.78 million ($12.38 million) during the fourth quarter of 2016 as compared to about KWD 27,800 ($91,070) in the same period of 2015.

During the fiscal year, the company’s losses deepened to KWD 5 million from nearly KWD 21,700 in FY15, according to a bourse statement issued on Sunday.

The board members recommended zero dividends for the fiscal year which ended on 31 December 2016.