Mubasher: Al Deera Holding Company on Sunday reported a sharp drop in its losses by 98% in the fourth quarter of 2016, compared to the same period in 2015.

Losses amounted to KWD 148,000 ($484,520) in Q4-16, down from KWD 8.44 million ($27.63 million) in Q4-15, according to the company's statement to Boursa Kuwait.

Annual profits for 2016 were KWD 478,000 against losses of KWD 9.93 million in 2015.

Turning profitable in 2016 was due to a loan settlement resulting in a profit of KWD 12.17 million, Al Deera said.

Annual profits were boosted through the subsidiaries' profits amounting to KWD 333,310 and foreign exchange gains of KWD 66,000, it added.

Al Deera previously reported KWD 626,150 in profits in the first nine months of 2016 against losses of KWD 1.5 million in the same period a year earlier.