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Al Mal Investment incurs KWD 705k losses in Q2-19

Al Mal Investment incurs KWD 705k losses in Q2-19
Al Mal recorded a 69.3% decrease in Q1-19 losses
ALMAL
ALMAL
-3.28% 5.90 -0.20

Mubasher: Al Mal Investment reported an increase of 6.2% in losses during the second quarter of 2019.

The losses amounted to nearly KWD 705,330 ($2.33 million) in Q2-19, compared to about KWD 664,000 ($2.19 million) in Q2-18, according to a statement to Boursa Kuwait on Thursday.

During the first half of 2019, the company’s losses declined by 29.3% to nearly KWD 884,330 from KWD 1.25 million in the same period a year ago.

Al Mal Investment clarified that the realised losses were due to a change in the fair value of investments as well as the financial results of associates during the second quarter of 2019.

It is worth noting that during the first quarter of 2019, the company recorded a 69.3% decrease in losses to nearly KWD 179,000 from about KWD 583,000 in Q1-18.