Mubasher: Ajwan Gulf Real Estate Co. reported a 41% year-on-year rise in losses during the first quarter of 2019.

The firm’s losses amounted to KWD 50,440 ($166,200) in Q1-19, compared to KWD 35,790 ($117,900) in Q1-18, according to a statement to Boursa Kuwait on Wednesday.

Ajwan ascribed the large rise in Q1-19 losses to an increase in expenses, combined with suffering financial burdens.

In 2018, the Kuwaiti real estate developer’s losses increased by 3141.5% to KWD 3.74 million from KWD 115,380 a year ago.