Mubasher: The Energy House Holding registered KWD 5.47 million worth of losses in the fiscal year (FY) ended in December 2019, against profits of KWD 80,174 in 2018.

In the fourth quarter (Q4) of 2019, the losses jumped by 8,554% to reach KWD 1.2 million when compared to KWD 13,978 in the same period a year earlier, according to a bourse filing on Monday.

The rise in the annual net losses was helped by several factors, including the unrealised loss recorded from financial assets at the fair value (FV) through profit or loss worth KWD 3.2 million during 2019 when compared to KWD 287,306 in 2018.

Lending further weight to this are the changes in the foreign exchange rates by KWD 1.8 million, not to mention the group’s lower share of results from an associate by KWD 134,988 and the decrease in gross profit and monetary gain from hyperinflation by KWD 467,370 and KWD 322,464, respectively.