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IFA Hotels reports KWD 5m loss in Q4-17

IFA Hotels reports KWD 5m loss in Q4-17
Losses amounted to KWD 5.01 million ($16.76 million) in Q4-17
IFAHR
IFAHR
-1.50% 1,180.00 -18.00

Mubasher: IFA Hotels and Resorts on Thursday announced that it swung to a loss during the fourth quarter of 2017.

Losses amounted to KWD 5.01 million ($16.76 million) in Q4-17, compared to a profit worth KWD 3.42 million ($11.44 million) in Q4-16, according to a filing to Boursa Kuwait.

As for the full-year 2017, the company’s losses rose to KWD 5.53 million against KWD 3.94 million in profits in the year before.

It is noteworthy that IFA Hotels incurred losses worth KWD 515,600 in the first nine months of 2017, versus a profit of KWD 516,800 in the corresponding period of 2016.

By 10:12 am Kuwait time, IFA Hotels’ stock decreased 3.9% at KWD 1.