Mubasher: Abyaar Real Estate announced that it has incurred losses worth KWD 986,000 ($3.25 million) due to selling a land plot in Dubai in consideration of AED 8 million (KWD 660,000).
The book losses of this deal will be realised in the company’s financials of the second quarter of 2019, according to a filing to Boursa Kuwait on Monday.
Abyaar, which owned 40% of the sold plot, has completed the selling process.
It is worth noting that Abyaar reported an 89.7% year-on-year loss decline during the fourth quarter of 2018, recording KWD 230,000 ($759,000).
