Mubasher: The Securities House reported losses of KWD 53,470 ($176,400) in the third quarter (Q3) of the year, versus profits of KWD 47,410 ($156,410) in the same period last year, as shown by the company’s financial statements.

In the first nine months of 2019, profits decreased by 77.3% to KWD 46,720, compared with KWD 206,290 in the same period in 2018, according to a statement to Boursa Kuwait on Tuesday.

The company attributed the decrease in profits to higher managerial fees and total costs due to a subsidiary merger, and a fall in returns from sister companies by KWD 685,000.