Mubasher: Aayan Leasing and Investment turned to a loss of KWD 14.6 million ($48.04 million) in 2019, against a profit of KWD 3 million ($9.96 million) in 2018.
The negative annual results are due to lower real estate income as well as a decline in the company's share of results from associates. Moreover, the incurred loss is attributed to higher net impairment losses as well as expected credit losses and provisions.
In the fourth quarter (Q4) of 2019, Aayan Leasing suffered losses of KWD 11.75 million, versus profits worth KWD 1.8 million in the comparative quarter in 2018.
It is worth noting that in the first nine-month period of 2019, the company suffered losses worth KWD 2.86 million, against profits of KWD 1.22 million in the corresponding period in 2018.
