Mubasher: Al Massaleh Real Estate posted an increase of 946.7% in losses during the second quarter of 2017 compared to the same period a year ago.

Losses deepened to about KWD 548,040 ($1.82 million) in Q2-17 from approximately KWD 52,360 ($173,850) in Q2-16, according to a bourse statement issued on Tuesday.

During the first six months of 2017, Al Massaleh’s losses widened by 321.7% to around KWD 767,490 compared to nearly KWD 181,980 in H1-16.

The increase in losses is attributed to higher financing expenses as well as a growth in consumption, the statement noted.

In the first quarter this year, Al Massaleh reported a rise of 69.3% in losses to around KWD 219,450 compared to nearly KWD 129,610 in Q1-16.