Kuwait – Mubasher: Al Madar Finance and Investment registered a decline of 59.9% in losses during the first quarter of 2017 as compared to the same period in 2016.

The losses decreased to about KWD 282,330 ($928,350) in Q1-17 from nearly KWD 704,390 in Q1-16, according to a bourse statement issued on Tuesday.

The drop in Q1 losses is attributed to lower losses from investments at fair value through income statements, as well as repaying financing operations’ provisions.

Al Madar’s operating revenues increased by 29% to nearly KWD 503,460 in Q1-17 from approximately KWD 390,280 in Q1-16.