Kuwait – Mubasher: Al Madina for Finance and Investment on Wednesday said in turned to losses in the second quarter of 2017, against profits in the year-ago period.

Losses reached KWD 652,440 ($2.16 million) in Q2-17, against profits of KWD 1.2 million ($3.97 million) in Q2-16, according to statements to Boursa Kuwait.

The Kuwaiti firm attributed turning to losses year-on-year to its losses by KWD 1.07 million in its stake in a sister company, and repaying provisions at a value of KWD 2.02 million.

In the first half of 2017 profits levelled down 61% to reach KWD 647,560, compared to KWD 1.66 million in H1-16.

The stock increased 3%, closing at 46 fils, after 825,910 shares were exchanged, generating KWD 36,400.