Mubasher: Aayan Real Estate has incurred losses of KWD 2.91 million ($9.72 million) during the fourth quarter of 2017 against a profit worth KWD 1.73 million ($5.78 million) in the same period a year ago.

During fiscal year 2017, the real estate company turned to losses of KWD 1.89 million versus a profit of KWD 2.75 million in the prior fiscal year, according to a bourse statement on Thursday.

The negative turn in FY17 financials is attributed to registering a loss from reassessing estate investment as well as a decline in provisions.

It is noteworthy that Aayan Real Estate posted a marginal rise of 0.2% in profits to KWD 1.019 million during the first nine months of FY17 compared to KWD 1.017 million in 9M-16.