Mubasher: IFA Hotels and Resorts turned to profit during the second quarter of 2019, recording KWD 748,880 ($2.47 million) in profit, according to a bourse statement released on Wednesday.

In the first six months of 2019, IFA’s loss grew by 19% to KWD 3.91 million, compared to KWD 3.29 million a year earlier.

The company ascribed the increase in its loss in H1-19 to the decline in the sales of a subsidiary and the growth of operating expenses.

IFA incurred an increase of 556.9% in losses during the first quarter of 2019 compared to the same period last year, registering KWD 4.66 million.