Kuwait-Mubasher: Al Mal Investment incurred losses of KWD 5.34 million ($17.67 million) in the first quarter of 2016, versus profits worth about KWD 137,470 ($454,750) in the corresponding period of 2015, the company said in a statement issued Thursday.
The KSE-listed firm clarified that the negative turn in Q1 financials resulted from unrealised losses of investments at KWD 367,724 fair value, as well as losses from provision for refundable development expenses of KWD 4.79 million.
