Mubasher: Al Mazaya Holding, listed on both the Dubai Financial Market (DFM) and Boursa Kuwait, incurred losses of KWD 8.768 million during fiscal year 2019, versus a net profit of KWD 5.103 million in 2018, according to the company’s annual consolidated financial statements for 2019.

During the fourth quarter of 2019, the company turned to losses of KWD 4.862 million, against KWD 283,020 net profit in the same period in 2018.

The decrease in the net profits is attributed to a decline in gross profit, the change in fair value of investment properties, and the other net revenues and expenses, as well as the impairment losses for properties held for trading in 2019.

Meanwhile, total operating revenues rose to KWD 27.863 million in 2019, compared to KWD 22.056 million in 2018.

The basic loss per share stood at KWD 13.98 in 2019, against basic earnings per share of KWD 8.17 in the earlier year.

It is noteworthy to mention that during the third quarter of 2019, the company incurred losses amounting to KWD 3.91 million, against a profit worth KWD 4.82 million in the year-ago period.