Mubasher: Kuwait Hotels reported higher losses by 170.7% year-on-year (YoY) in the fiscal year (FY) 2019 at KWD 984,132 ($3.16 million) from KWD 363,582 ($1.17 million).

The negative 2019 results were driven by losses from derecognition and amortisation of intangible assets, provision for slow-moving and obsolete inventory, and a drop in revenues, according to a bourse statement on Monday.

In the fourth quarter (Q4), the company’s losses leaped by 419.6% to KWD 952,433 when compared to KWD 183,309 in the corresponding period in 2018.

During its meeting, the board of directors recommended not to distribute any dividends for 2019.

It is worth noting that during the first nine months of 2019, the firm’s losses plunged by 67% to about KWD 60,340 from around KWD 180,270 during the corresponding period in 2018.