Mubasher: Kuwait Foundry reported a decrease of 77.4% in losses during the fourth quarter of 2017 compared to the same period in the prior year.

Losses shrank to KWD 988,000 ($3.3 million) in Q4-17 compared to KWD 4.38 million ($14.63 million) in Q4-16, according to a bourse statement on Thursday.

In fiscal year 2017, Kuwait Foundry turned to profits of KWD 5.09 million against a loss of KWD 3.05 million in FY16.

Kuwait Foundry noted that the board members recommended a cash dividend of 30% or paying 30 fils per share.