Mubasher: The losses of Al Madina for Finance and Investment deepened by 880.6% on an annual basis during the third quarter ended 30 September 2019.

The losses hiked to nearly KWD 386,080 ($1.27 million) over the 2019 period when compared to about KWD 39,370 ($129,860) in Q3-18, according to a bourse statement on Thursday.

During the first nine months of 2019, the firm’s losses totalled KWD 1.53 million from KWD 2.11 million in 2018, posting a 28% year-on-year decrease.

The negative results were attributed to losses from investments worth nearly KWD 658,420 and others from selling equity in sister companies at a value of KWD 394,390 approximately.

It is worth noting that Al Madina for Finance is dually listed on Boursa Kuwait and the Dubai Financial Market (DFM).