Mubasher: Gulf Franchising Holding incurred a loss of KWD 1.24 million ($4.14 million) during fiscal year 2017, 359.3 higher than KWD 270,000 ($900,740) losses in the previous year.

Losses per share stood at 38.33 fils in FY17 compared to 8.33 fils in FY16, according to a bourse filing on Tuesday.

The board members recommended zero dividends for FY17, the board also proposed offsetting KWD 2.3 million accumulated losses then raising the capital by KWD 2.05 million to become KWD 3 million.