Mubasher: Abyaar Real Estate Development recorded a year-on-year increase of 215.1% in losses during the third quarter of 2019.

Losses for the period amounted to KWD 4.6 million ($15.18 million) from KWD 1.46 million ($4.82 million) in Q3-18, according to a bourse filing on Wednesday.

From January to September this year, Abyaar Real Estate posted a rise of 128.6% in losses to KWD 3.2 million from KWD 1.4 million in the same period in 2018.

The higher losses in the first nine months are attributed to selling equity in a land plot, lower investments in sister companies, and lower of debtors receivables.

It is noteworthy that over the first half of 2019, Abyaar’s losses enlarged by more than 315% to KWD 19.81 million from around KWD 62,560 in the same six months last year.