Mubasher: Kuwait-based International Financial Advisor (IFA) on Thursday announced that its initial income statements for the fourth quarter of fiscal year 2018 registered a 63.8% year-on-year decrease in losses.

IFA’s initial losses amounted to KWD 3.52 million ($11.62 million) in Q4-18, down from KWD 9.72 million ($32.07 million) during Q4-17, according to a statement to Boursa Kuwait.

From January to December last year, IFA's initial financials incurred an increase of 34.5% to KWD 14.84 million in losses, from KWD 11.03 million in FY17.

it is noteworthy that IFA is listed on Boursa Kuwait and the Dubai Financial Market (DFM).

IFA further noted that it sold parts of some subsidiaries last year that led to losses at KWD 6.82 million, along with exiting from investing in CVP with KWD 591,200 losses, and the sale of investments in Miax with losses of KWD 787,250.