Kuwait – Mubasher: Equipment Holding on Thursday announced a 12.4% drop in its losses for the first quarter of 2017, compared to the year-ago-period.

Losses stood at KWD 354,460 ($1.16 million) in Q1-17, compared to KWD 404,490 ($1.33 million) in Q1-16, according to a filing to Boursa Kuwait.

The company attributed the losses to higher financing costs.

The Kuwait-listed company's losses previously deepened 168.1% to KWD 3.78 million in 2016, from KWD 1.41 million in 2015.