Mubasher: Kuwait-based Sokouk Holding Company reported a 16% year-on-year decline in losses during the first quarter of 2019.

The firm’s losses reached KWD 592,560 ($1.95 million) in Q1-19, compared to KWD 707,690 ($2.33 million) during Q1-18, according to a filing to Boursa Kuwait on Wednesday.

Sokouk Holding ascribed the drop in first-quarter losses to an increase in the hotel’s operations.

The company’s operating revenues grew 9% to KWD 983,280 in Q1-19, against KWD 903,250 during Q1-18.

From January to December 2018, Sokouk’s losses hiked 184.2% to KWD 14.52 million, compared to KWD 5.11 million in 2017.