Mubasher: Munshaat Real Estate Projects on Monday said that losses increased by 504.7% year-on-year during the fourth quarter of 2018.

Munshaat’s losses hit KWD 23.16 million ($76.4 million) in Q4-18, up from KWD 3.83 million ($12.6 million) during Q4-17, according to a bourse statement.

From January to December 2018, losses deepened to KWD 28.23 million, compared to KWD 4.31 million during FY17.

Munshaat Real Estate Projects stated that suffering losses during the previous year was attributed to settling tax claim with Saudi Arabia’s General Authority of Zakat and Tax (GAZT), financing costs levelled up, whereas the value of leased properties went down.