Mubasher: Kuwait Hotels posted it has turned to losses during the second quarter of 2018, as compared with the corresponding period last year.

Net loss stood at KWD 28,710 ($95,000) in the three-month period ended June, compared to net profit of KWD 15,370 ($50,900) in Q2-17, according to a filing to Boursa Kuwait.

In the first half of 2018, the company generated KWD 65,630 in profits, versus KWD 152,870 during the six-month period of 2017.

The company attributed the decline in H1-18 profits to lower revenues of KWD 288,000 as operating expenses remained the same.

Kuwait Hotels previously reported a 31.4% year-on-year drop in profits for Q1-18, recording KWD 94,340 from KWD 137,500.

It is worth noting that the company’s profits retreated by 93.3% year-on-year to around KWD 6,930 ($23,200) during full-year 2017 from KWD 104,000 ($348,110).