Mubasher: IFA Hotels and Resorts (IFA) on Sunday announced it has turned to losses during the third quarter of 2018, as compared with Q3-17.

Net losses amounted to KWD 6.64 million ($21.8 million) in Q3-18, against net profit of KWD 2.32 million ($7.6 million) in Q3-17, according to the company’s filing to Boursa Kuwait.

In the first nine months of 2018, the company’s losses sky-rocketed by 1,828% to KWD 9.94 million, versus KWD 515,600 in the year-ago period.

The company attributed turning to losses to a decline of KWD 6 million property sales, as well as a drop by KWD 431,500 in its subsidiaries’ profits.

IFA previously posted a net loss of KWD 2.58 million ($8.15 million) for Q2-18, compared to KWD 3.57 million ($11.78 million) in Q2-17

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.