Mubasher: Kuwait Remal Real Estate incurred higher losses by 68.5% on an annual basis during the fiscal year (FY) 2019.

Losses for the period amounted to KWD 2.23 million ($7.19 million) by 2019 year-end, compared to KWD 1.32 million ($8.02 million) in 2018, according to a bourse statement on Wednesday.

The increase in the annual losses was helped by lower operating revenues and a change in the fair value (FV) of investment properties, as well as lower earnings recorded from the sale of investment properties over 2018.

In the fourth quarter (Q4) of 2019, the real estate developer suffered losses worth KWD 1.61 million, up by 38% from KWD 1.16 million in Q4-18.

The company’s board of directors proposed not to distribute any dividends for the fiscal year 2019.