Mubasher: Effect Real Estate Co has suffered an increase of 221.3% in losses during the third quarter ended on 31 October 2017 compared to the same period last year.
The losses enlarged to nearly KWD 84,750 ($281,000) in the third quarter ended on 31 October 2017 compared to around KWD 26,380 ($87,500) in the same period a year ago, according to a bourse statement issued on Thursday.
Effect Real Estate clarified that the increase in losses is attributed to a change in the fair value (FV) of the company’s investments.
In the second quarter which ended on 31 July 2017, the Boursa Kuwait-listed firm turned to a loss of nearly KWD 66,650 against profits worth nearly KWD 11,050 in the second quarter in 2016.
