Mubasher: Palms Agro Production has suffered losses worth about KWD 518,720 ($1.74 million) in fiscal year 2017 against profits of nearly KWD 645,500 ($2.16 million) in the previous fiscal year.

The negative turn in FY17 financials is attributed to completing three major projects during the year, according to a bourse statement on Monday.

Palms Agro’s board members recommended on Sunday a cash dividend of 5% of the capital or 5 fils per share for FY17.

Following the company’s disclosure of the FY17 financials, Boursa Kuwait has resumed the trading on Palms Agro’s stock, which has been listed on the Auction Market after the new segmentation of the stock exchange.