Mubasher: Kuwait-based Alrai Media Group turned to losses during the first quarter of 2019, against posting a profit in the year-ago period.

The group incurred a loss of KWD 103,070 ($340,000) in Q1-19, against generating KWD 262,940 ($867,400) in profits during Q1-18, according to a filing to Boursa Kuwait on Sunday.

The firm attributed the negative turn in Q1-19 financials to a decrease in the local advertising market.

In 2018, Alrai incurred KWD 21.18 million in losses, against a profit of KWD 1.84 million a year earlier.