Mubasher: Kuwait Syrian Holding Company’s net losses totalled KWD 345,017 ($1.11 million) in the fiscal year (FY) 2019 when compared to KWD 573,562 ($1.85 million) in 2018, posting a 40% drop.

The loss of the period is attributed to higher expenses recorded during the past year due to the consolidation of the financial statements for Kuwait Syrian's subsidiaries and commencement of development works related to a project, according to a statement to Boursa Kuwait on Wednesday.

In the fourth quarter (Q4), the holding firm suffered a loss worth KWD 13,536, down by 97% from KWD 465,629 in the same quarter in 2018.

During its meeting, the board of directors did not recommend distributing any dividends for 2019.

It is noteworthy that in the first nine months of 2019, Kuwait Syrian posted a net loss of KWD 331,480.