Kuwait – Mubasher: Contracting and Marine Services Company turned to losses in the fourth quarter of 2016, compared to the same period in 2015.

Losses stood at KWD 47,620 ($156,070) in Q4-16, against profits of KWD 554,750 ($1.82 million) in Q4-15, according to the company’s financial statements.

Annual profits amounted to KWD 744,650 in 2016, compared to KWD 1.32 million in the year before, showing a drop 43.6%.

The decline in profits came due to a drop in net profits of subsidiaries.

The board of directors on Wednesday recommended to not distribute cash dividends for 2016.