Mubasher: International Financial Advisors (IFA) achieved a profit of KWD 1.39 million ($4.60 million) in the third quarter of 2017 against a loss of nearly KWD 486,010 ($1.61 million) in the same period in the prior year.

IFA, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), recorded a profit of KWD 1.46 million during the first nine months of 2017 versus losses of KWD 4.65 million in the corresponding period last year, according to a bourse statement issued on Wednesday.

The positive turn in income statements is attributed to higher net profit from hotel operations and services by KWD 4.3 million, in addition to an increase in profits from selling a stake in an associate’s investment for KWD 4.3 million.

It is noteworthy that IFA recorded around KWD 67,510 profits in the first half of 2017 against a loss of KWD 4.16 million in H1-16.