Mubasher: The losses of the International Financial Advisors (IFA) enlarged 29 times on a year-on-year basis during the second quarter of 2019.

IFA’s losses widened to KWD 2.04 million ($6.73 million) in Q2-19 from around KWD 68,550 ($226,060) in Q2-18, the company disclosed to Boursa Kuwait on Wednesday.

In the first half of 2019, the company incurred losses worth KWD 6.25 million, 204% higher than KWD 2.05 million in H1-18.

The company attributed the increase in net loss to the decrease of KWD 5.94 million in its share of the results of associates, in addition to a loss of KWD 1.96 million from discontinued operations.

Financing costs were reduced by around KWD 382,300 in H1-19, based on the disclosure.

Noteworthy, in the first quarter of 2019, IFA suffered KWD 4.66 million losses, with a 557% year-on-year increase.

IFA is a dual-listed company on Boursa Kuwait and the Dubai Financial Market (DFM).