GFC
Mubasher: Gulf Franchising Holding suffered a loss of nearly KWD 80,060 ($267,020) during the first quarter of 2018 against profits worth nearly KWD 513,860 ($1.71 million) in the same quarter of the previous year.
The negative turn in Q1-18 financials is attributed to lower operating revenues and absence of income from investments, according to a bourse statement on Monday.
Gulf Franchising’s board members approved an agreement to settle a debt of nearly KWD 351,350. This debt settlement will not generate any losses, but it will decrease the company’s liabilities.
It is noteworthy that Gulf Franchising incurred an increase of 359.3% in losses to KWD 1.24 million during fiscal year 2017 from KWD 270,000 in FY16.