Dubai – Mubasher: UAE-based Gulfa Mineral Water and Processing Industries on Sunday said its losses surged 156% to AED 16.55 million ($4.51 million) from January to December 2018 from AED 6.5 million ($1.77 million) in 2017.

Gulfa Mineral Water attributed the sharp rise in losses to a 36.2% decline in sales added to an increase in operating expenses, according to a statement to the Dubai Financial Market (DFM).

In December, the company’s board of directors approved a decision to continue with the firm's business.

In a separate statement to the DFM, the firm’s board approved to elect Khalifa Hassan Al Hammadi as chairman and Ahmed Yousef Khouri as a deputy chairman.