Mubasher: Manazel Holding has reported a 10.6% year-on-year loss increase during the second quarter of 2019, recording KWD 402,700 ($1.33 million).

The Boursa Kuwait-listed company’s loss surged 42.7% to KWD 662,110 in the first six months of 2019, compared to KWD 464,070 in the year-ago period, according to a bourse statement released on Wednesday.

The company ascribed the loss increase to the decline in revenue and the growth of expenses.

Manazel reported an increase of 159.8% in losses during the first quarter of 2019 compared to the same period last year.