Mubasher: The net losses of IFA Hotels and Resorts surged by 17% over the fiscal year (FY) ended on 31 December 2019 to reach KWD 22.52 million as compared to KWD 19.25 million in 2018.

The negative 2019 results are ascribed to a rise in value asset impairment by KWD 3.29 million and an increase in other operating expenses and charges by KWD 1.66 million, according to a bourse statement on Thursday. 

Meanwhile, the company's net income from the sale of properties and hotel operations rose by KWD 1.65 million, while other income grew by KWD 2.72 million.

Furthermore, the company registered a higher loss from discontinued operations by KWD 2.31 million.

During the fourth quarter (Q4), IFA incurred KWD 14.11 million worth of losses, up by 52% from KWD 9.30 million in Q4-18.

It is worth pointing out that in the first nine months of 2019, IFA’s loss decreased to KWD 8.41 million from KWD 9.94 million in the same period a year earlier.