Mubasher: Al Madina for Finance and Investment suffered a loss of KWD 1.52 million ($5.05 million) in the first quarter of 2018 against profits worth KWD 1.3 million ($4.32 million) in the same period of the previous fiscal year, according to a bourse statement on Wednesday.

Al Madina, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), said that the incurred losses were attributed to losses of nearly KWD 534,000 from investments, in addition to losses from the income statements of an associate.

It is noteworthy that in FY17, Al Madina posted a decline of 72.8% in profits to approximately KWD 381,360 compared to KWD 1.4 million in FY16.