Mubasher: The net loss of United Real Estate Company (URC) declined by 19.7% on an annual basis in the fiscal year (FY) 2019 to reach KWD 7.2 million from KWD 8.9 million.

The 2019 financial results are attributed to a rise in gross profits and other income, according to a bourse filing on Sunday.

Moreover, URC recorded lower financing costs and share of losses from associates, which were offset by higher provisions related to a legal case and other expenses.

In the fourth quarter (Q4), the real estate developer’s losses leaped by 80.7% to KWD 10.3 million when compared to KWD 5.7 million in the corresponding period in 2018.