Mubasher: Gulf Petroleum Investment (PetroGulf) on Sunday announced it has turned to losses during the fourth quarter of 2018 as compared with Q4-17.

The company has incurred KWD 305,000 ($1.01 million) in losses, against a net profit of KWD 1.28 million ($4.22 million), according to a statement to Boursa Kuwait.

In 2018, PetroGulf suffered losses of KWD 2.65 million, up 12.8% year-on-year from KWD 2.35 million.

Annual losses extended due to the breakdown of the company’s offshore rig and diggers, the statement added.

It is worth noting that PetroGulf’s losses declined by 35.5% in the first nine months of 2018 to KWD 2.34 million, versus KWD 3.63 million in the corresponding period of 2017.