Mubasher: Al Massaleh Real Estate incurred an increase of 135% in losses to KWD 1.41 million ($4.72 million) in the fourth quarter of 2017 compared to KWD 600,000 ($2.01 million) in the same period in the previous year.

During fiscal year 2017, the property developer suffered KWD 2.63 million losses, 241.6% higher than KWD 771,000 in the prior fiscal year, according to a bourse statement on Sunday.

The board members proposed distributing no dividends for FY17, the Kuwait-based firm said. 

Al Massaleh clarified that the increase in losses is attributed to higher financing expenses.