MUNSHAAT
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.