Mubasher: Abyaar Real Estate Development turned to losses during the second quarter of 2019.

Net losses stood at KWD 19.67 million ($64.87 million) in Q2-19, against profits of KWD 93,490 ($308,310) in Q2-18, according to the company’s recent statement to Boursa Kuwait.

For the first half of 2019, Abyaar suffered losses worth KWD 19.81 million, up 315.65 times from KWD 62,560 in H1-18.

The company attributed the hike in the losses to a settlement with a bank, in addition to selling its stake in a land plot.

In February, Abyaar signed a memorandum of understanding (MoU) with a local bank in Kuwait to settle financial liabilities in the form of credit facilities valued at KWD 20.4 million.

It is worth noting that the company posted a decrease of 14.5% year-on-year in losses during Q1-19, recording KWD 136,260 ($449,140).