Mubasher: International Financial Advisors (IFA) suffered a loss of KWD 9.72 million ($32.52 million) in the fourth quarter of 2017 against profits worth KWD 1.96 million ($6.56 million) in the same period a year ago.

IFA, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), incurred an increase of 207.1% in losses to KWD 8.26 million during fiscal year 2017 compared to KWD 2.69 million in the prior year, according to a bourse statement on Sunday.

Other revenues shrank by KWD 997,000 in FY17, while the investments available for sale decreased by KWD 2.58 million.

IFA’s board members recommended distributing no cash dividends for FY17.