Mubasher: The Securities House turned to a loss of KWD 379,624 (about $1.21 million) in the fiscal year (FY) 2019, against a profit of KWD 204,812 (nearly $652,620) in 2018.

The 2019 results are ascribed to various factors, including an increase in unrealised losses on financial assets at the fair value (FV) through a loss totalling KWD 365,000 and a rise in assets under management fee by KWD 2.44 million, according to a bourse statement on Wednesday.

In addition, the company recorded higher total expenses by KWD 1.645 million due to a merger with a subsidiary.

In the fourth quarter (Q4) of 2019, the company incurred KWD 426,348 worth of losses, up by 28,727% from KWD 1,479 in Q4-18.

It is worthy to note that in the first nine months of 2019, profits decreased by 77.3% to KWD 46,720, compared with KWD 206,290 in the same period in 2018.