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Taameer Real Estate’s loss down 20% in 2019

Taameer Real Estate’s loss down 20% in 2019
The losses amounted to KWD 1.96 million in Q4-19
TAAMEER
TAAMEER
-0.73% 13.60 -0.10

Mubasher: The losses of Taameer Real Estate Investment decreased by 19.9% annually during the fiscal year (FY) 2019 to reach KWD 1.08 million (around $3.48 million) when compared to KWD 1.35 million (about $4.34 million).

In the fourth quarter (Q4), the losses amounted to KWD 1.96 million, up by 201.1% from KWD 651,755 in the same period in 2018, according to a bourse statement on Tuesday.

The negative Q4 results are due to a decline in the value of land owned by a subsidiary by KWD 2.35 million.  

During its meeting, the board of directors recommended not to distribute any remuneration to its executive and non-executive members for 2019. 

It is noteworthy that during the first nine-month period of 2019, the real estate developer recorded about KWD 873,600 profits, against losses worth nearly KWD 707,730 in the corresponding period in 2018.