Mubasher: Credit Rating and Collection (Tahssilat) reported a decline of 88.2% in losses during the fourth quarter of 2017 compared to the same quarter a year ago.
Losses decreased to about KWD 555,900 ($1.86 million) in Q4-17 from KWD 4.71 million ($15.75 million) in Q4-16, according to a bourse filing on Monday.
During fiscal year 2017, Tahssilat achieved a profit of nearly KWD 274,300 against losses worth KWD 5 million in the previous fiscal year.
The profits in FY17 were registered due to a previous agreement with Adeem Investment and Wealth Management Company for GBP 5.07 million in a swap deal for 8.25 million shares in Front Garden Holding Limited for KWD 1.17 million, the statement added.
