Mubasher: International Resorts posted a decline of 58.32% in losses during the fourth quarter of 2016 as compared to the same period of 2015.

Losses shrank to about KWD 720,800 ($2.36 million) in Q4-16 from KWD 1.73 million ($5.67 million) in Q4-15, according to a bourse statement issued on Tuesday.

During the fiscal year, losses narrowed by 38.7% to total KWD 1.46 million from KWD 2.38 million in FY15.

The board members recommended to freeze dividends for FY16, the statement said.

At the stock level, International Resorts ended Tuesday’s session at 38 fils, after 1.8 million shares were exchanged through about KWD 67,900.