Kuwait – Mubasher: Arkan Al Kuwait Real Estate turned to losses in the fourth quarter ended 31 October, 2016.
The company suffered KWD 333,289 ($1.088) in Q4-16 against KWD 126,910 ($414,400) in the corresponding period in 2015, according to a bourse filing
During the nine-month period of 2016, net profits dropped 31% to reach KWD 2.8 million compared with KWD 4.02 million in the same period a year ago.
Earnings retreated 41.3% to KWD 2.44 million in the fiscal year ended 31 October, 2016, compared to KWD 4.15 million in the year-ago period.
Lower profits achieved in FY16 were attributed to lower profits posted from sales of investment properties and impairment loss of investments available for sale, the statement said.
Arkan's board recommended the distribution of 8% of the share's nominal value as cash dividends for the fiscal year ended 31 October, 2016, as 8 fils per share.
