Al Mudon deepens losses in 2018

Al Mudon deepens losses in 2018
Al Mudon attributed the rise in 2018 losses to lower investments in JV
ALMUDON
ALMUDON
-4.89% 17.50 -0.90

Mubasher: Al Mudon International Real Estate reported a 48.9% year-on-year rise in losses during the fourth quarter of 2018.

Al Mudon International’s losses amounted to KWD 495,420 ($1.63 million) in Q4-18, compared to KWD 332,830 ($1.1 million) during Q4-17, according to a statement to Boursa Kuwait.

During the full-year 2018, the firm’s losses jumped 24.6% to KWD 548,920, from KWD 440,630 a year ago.

The real estate developer attributed the rise in 2018 losses to a decrease in the value of investment in a joint venture (JV), in addition to suffering losses in associate company.

After the firm revealed its financial statement, Boursa Kuwait resumed trading on Al Mudon International’s stock.