Mubasher: Mena Real Estate reported a decline of 14.9% in losses during the third quarter that ended on 31 December 2017 compared to the same period in the prior year.

Losses decreased to approximately KWD 88,900 ($269,300) in Q3-17 from nearly KWD 104,500 ($348,300) in the same quarter a year earlier, according to a bourse statement on Tuesday.

In the nine-month period that ended on 31 December 2017, the Kuwait-based firm suffered an increase of 108.8% in losses to nearly KWD 243,370 from around KWD 116,570 in the same period a year ago.

The real estate company noted that the increase in losses is attributed to lower operating income.

Mena Real Estate’s fiscal year starts on 1 April and ends on 31 March the following year.