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IFA Hotels profits leap to KWD 2.3m in Q3

IFA Hotels profits leap to KWD 2.3m in Q3
IFAHR
IFAHR
-1.50% 1,180.00 -18.00

Mubasher: IFA Hotels and Resorts recorded a surge of 2,457.8% in profits during the third quarter of 2017, when compared to the corresponding period in 2016.

Earnings increased to KWD 2.3 million ($7.6 million) in Q3-17 from about KWD 90,900 ($300,800) in Q3-16, according to a bourse statement issued on Wednesday.

In the first nine months of 2017, the company suffered a loss of nearly KWD 515,600 against a profit of around KWD 516,800 in the same period a year ago.

It is worth noting that IFA Hotels incurred losses of KWD 2.84 million in the first half of 2017 versus profits worth nearly KWD 425,900 in the same six months last year.