Mubasher: The financial statements of the Kuwait-based Sokouk Holding Company indicated a positive turn in the second quarter of 2019, compared to the corresponding period last year when it incurred losses.

The profits of the period amounted to around KWD 39,990 ($131,570), versus about KWD 372,000 ($1.23 million) worth of losses in Q2-18, Sokouk disclosed to Boursa Kuwait on Thursday.

In the first half of 2019, Sokouk’s losses fell to nearly KWD 553,010 from KWD 1.08 million in H1-18, with a 48.8% decline.

The losses’ decline is ascribed to the increase in profits of sister companies, as well as higher hotel operating profits, according to the disclosure.

Noteworthy, in the first quarter of 2019, the company’s losses dropped by 16.2% to about KWD 593,000 from around KWD 708,000 in Q1-18.