Mubasher: Boubyan International Industries Holding on Wednesday said it narrowed losses by 97% for the fiscal year ended on 31 July 2017, compared to the year-ago period.
The company’s losses stood at KWD 528,840 ($1.75 million) in the FY ended on 31 July 2017, compared to KWD 17.06 million ($56.55 million) in the same period in 2016, according to a statement to Boursa Kuwait.
The fiscal year witnessed drop in the value of assets which are available for sale, increase in cash dividends distributions from investments, and growth in profits of associate firms.
The firm’s board recommended not to distribute cash dividends for the FY ended on 31 July 2017.
