Mubasher: Gulf Franchising Holding registered a decline of 82.6% in losses during the fourth quarter of 2018 compared to the same period a year ago.

Losses narrowed to about KWD 264,120 ($870,300) in Q4-18 from approximately KWD 1.52 million ($5.01 million) in Q4-17, according to a bourse disclosure on Sunday.

During fiscal year 2018, Gulf Franchising posted a decrease of 57.5% in losses to nearly KWD 526,820 from KWD 1.24 million in FY17.

Gulf Franchising clarified that the decrease in losses during FY18 is attributed to higher operating revenues from the acquisition of new companies.

The board members of the company recommended not to distribute dividends for FY18, as well as not paying a bonus to the board members.