Mubasher: Metal and Recycling reported an 18.5% year-on-year (YoY) increase in losses during the second quarter of 2019.

The company incurred losses of about KWD 348,520 ($1.15 million) in Q2-19, compared to around KWD 294,170 (about $969,000) in Q2-18, according to the company’s statement to Boursa Kuwait on Thursday.

During the first half of 2019, the firm posted a 49.6% YoY rise in losses to approximately KWD 719,610 when compared to about KWD 481,150 in H1-18.

It is worth to mention that the surge in losses was due to a decline in gross profit, in addition to a hike in general and administrative expenses as well as other operating expenses, Metal and Recycling noted.

Also, during the first quarter of 2019, Metal and Recycling recorded a 98.5% increase in losses to reach around KWD 371,090 from about KWD 186,980 in Q1-18.