Mubasher: United Real Estate suffered an increase of 37.9% in losses during the third quarter of 2018 compared to the same period a year ago.

Losses deepened to KWD 1.6 million ($5.28 million) in Q3-18 from KWD 1.16 million ($3.83 million) in Q3-17, according to a bourse statement on Thursday.

During the nine-month period, United Real Estate incurred a loss of KWD 3.29 million against profits worth about KWD 284,610 in the same period last year.

The negative turn in 9M financials is attributed to an increased in provisions as well as a growth in real estate operating costs.