Mubasher: Net losses of Alrai Media Group retreated by 83.3% to reach KWD 3.54 million ($11.58 million) by 2019 year-end, compared to KWD 21.18 million ($69.26 million) in 2018.

In the fourth quarter (Q4) of last year, losses shrank by 84.7% to KWD 3.32 million from KWD 21.66 million in the same period in 2018, according to a bourse statement on Monday.

The decrease in annual losses is due to a general drop in the local advertising market and impairment of assets. In addition, the decline in the incurred loss was driven by lower goodwill impairment by KWD 3.367 million.   

It is noteworthy that during the first half of 2019, Alrai Media registered a plunge of 90.3% in profits to about KWD 89,100 from approximately KWD 913,820 in the same period of 2019.