Mubasher: Kuwait Finance and Investment (KFIC) on Sunday reported a 62% year-on-year hike in losses during the fourth quarter of 2018.

KFIC’s losses amounted to KWD 118,030 ($389,470) in Q4-18, up from KWD 72,790 ($240,190) during Q4-17, according to a statement to Boursa Kuwait.

The firm’s profits slumped 37% to KWD 142,340 during the full-year 2018, against KWD 226,690 a year earlier.

KFIC ascribed the 2018 profit drop to a decline in associates’ results, combined with lower leasing revenues.

The board of directors recommended not to distribute cash dividends for the full fiscal year 2018.

KFIC’s stock inched up 0.26% to close Sunday’s trading session at 38.9 fils.