Kuwait-Mubasher: Combined Group Contracting suffered losses worth about KWD 616,400 ($2.04 million) in the first quarter of 2016, versus profits of nearly KWD 580,600 ($1.93 million) in the same period of 2015, the company said in a statement issued Monday.
The negative turn in Q1 financials resulted from losses in investments at the fair value, as well as inventory provision for slow moving charged for other subsidiaries, Combined Group clarified, adding that an increase in the operating cost of a subsidiary affected the results.
