Mubasher: Al Masaken International Real Estate Development registered an increase of 97.6 in losses during fiscal year 2018 compared to the previous year. 

Losses deepened to KWD 1.45 million ($4.78 million) in FY18 from around KWD 733,670 ($2.42 million) in FY17, according to a bourse statement on Sunday. 

The increase in FY18 losses is attributed to a change in the fair value of investment assets worth KWD 1.01 million. 

During the fourth quarter of 2018, Al Masaken posted a rise of 72.1% in losses to KWD 1.46 million when compared to KWD 847,000 in the corresponding quarter in 2017. 

The board members of the real estate company recommended not to distribute dividends for FY18.