Kuwait - Mubasher: The financial results of Kuwait Foundry has showed an increase in losses by 584.4% in the fourth quarter of 2016.

The company added in a statement to Boursa Kuwait on Tuesday that losses reached KWD 4.38 million ($14.33 million) in Q4-16 compared to KWD 640,000 ($2 million) in Q4-15.

As for the annual results, the company’s losses went up by 3.4% to KWD 3.05 million in 2016, compared to KWD 2.95 million in the previous year.

The board of Kuwait Foundry recommended the distribution of cash dividends to shareholders for last year at 10 fils per share of 10% of capital.