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Al Madina for Finance suffers lower losses in Q1

Al Madina for Finance suffers lower losses in Q1
Losses sank to KWD 884,350 in Q1-19
ALMADINA
ALMADINA
-0.61% 16.20 -0.10

Mubasher: Al Madina for Finance and Investment’s losses declined by 42% year-on-year during the first quarter of 2019.

Losses incurred by Kuwait- and Dubai-listed company sank to KWD 884,350 ($2.92 million) in Q1-19 from KWD 1.52 million ($5.01 million) the year before, according to a bourse statement released on Wednesday.

Al Madina’s losses resulted from KWD 449,990 loss in investments, along with a KWD 296,970 share in the loss of a sister company.

The company turned to loss last year, registering KWD 2.72 million.