Mubasher: Aan Digital Services Co registered a decrease of 49.7% in losses to KWD 3.83 million ($12.79 million) in the fourth quarter of 2017 compared to KWD 7.62 million ($25.44 million) in the same period of 2016.

During fiscal year 2017, losses shrank by 23.5% to KWD 5.38 million compared to KWD 7.03 million in the previous fiscal year, according to a bourse statement on Wednesday.

Aan Digital, which is listed on Boursa Kuwait and the Dubai Financial Market (FDM), said that the decline in FY17 financials is attributed to lower operating profits due to a decrease in revenues from a subsidiary in Saudi Arabia.

At the stock level, Aan closed Wednesday’s session 1.88% lower at 26.1 fils at Boursa Kuwait, while it levelled down 1.95% to AED 0.402 at the DFM.