Mubasher: International Financial Advisors (IFA) suffered a loss of KWD 1.98 million ($6.57 million) during the fiscal year of 2018 against earnings worth around KWD 235,730 ($782,620) in the same period of 2017, according to a bourse statement on Wednesday.

IFA, listed on both Boursa Kuwait and the Dubai Financial Market (DFM), clarified that the negative turn in Q1 financials is attributed to lower net income from hotels its services in addition to a decline in the share of IFA from the income statements of an associate.

Revenues declined by nearly KWD 1.02 million, while operating expenses and other costs increased by KWD 711,000.