Mubasher: IFA Hotels and Resorts (IFA) on Tuesday posted a 28% year-on-year drop in its losses for the second quarter of 2018.

Net losses amounted to KWD 2.58 million ($8.15 million) in Q2-18, compared to KWD 3.57 million ($11.78 million) in Q2-17, according to the company’s statement to Boursa Kuwait.

For the first half of 2018, the Kuwaiti company incurred losses of KWD 3.29 million, rising 16%, compared to KWD 2.84 million in H1-17.

The statement attributed the increase of first-half losses to a drop in net income from selling real estate, in addition to other financial results of associates, which retreated by KWD 187,360.

The company suffered a loss of KWD 709,400 in Q1-18, against achieving a profit of KWD 726,710 in the same period of the prior year.

By the end of Tuesday’s session, IFA Hotels’ stock increased 4.17% at 100 fils.