Mubasher: International Financial Advisor (IFA) on Wednesday reported a 58.4% year-on-year drop in its losses for the second quarter of 2018.

Net losses amounted to KWD 70,000 in Q2-18, compared to KWD 168,220 in Q2-17, according to the company’s filing to Boursa Kuwait.

IFA, listed on both Boursa Kuwait and the Dubai Financial Market (DFM), incurred a loss of KWD 2.05 million during the first half of 2018, against a profit of KWD 67,510 in H1-17.

The company attributed turning to losses to a drop in net income by KWD 2.44 million.

For Q1-18, IFA turned to loss with an amount of KWD 1.98 million, against a profit of KWD 235,730 in Q1-17.

By 10:39 am Kuwait time, IFA’s stock retreated 2.31% at KWD 25.40.