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Munshaat FY17 financials turn profitable

Munshaat FY17 financials turn profitable
Losses shrank to KWD 3.84 million ($12.83 million) in Q4-17
MUNSHAAT
MUNSHAAT
-6.92% 121.00 -9.00

Mubasher: Munshaat Real Estate Projects reported a decline of 23.8% in losses during the fourth quarter of 2017 compared to the same period a year ago.

Losses shrank to KWD 3.84 million ($12.83 million) in Q4-17 from KWD 5.04 million ($16.84 million) in Q4-16, according to a bourse statement on Wednesday.

During the 2017 fiscal year, the real estate firm achieved a profit worth KWD 4.31 million against a loss of KWD 7.98 million in FY16.

The positive turn in FY17 income statements is attributed to extending a usufruct contract for a leased property, as well as a decrease of 59% in operating losses, the statement added.