Mubasher: Kuwait Hotels on Monday reported a 577.6% year-on-year increase in losses during the fourth quarter of 2018.
The firm’s losses amounted to KWD 183,310 in Q4-18, up from KWD 27,050 during Q4-17, according to a statement to Boursa Kuwait.
From January to December 2018, Kuwait Hotels suffered KWD 363,580 in losses, compared to KWD 6,930 in 2017.
Kuwait Hotels attributed the large rise in the previous-year losses to a drop in sales, in addition to incurring losses after exiting from fixed assets.
The company’s board of directors recommended not to distribute cash dividends or bonus shares to shareholders for the full fiscal year 2018.
