Kuwait – Mubasher: Effect Real Estate Co has suffered a loss of about KWD 56,650 ($215,860) in the first quarter ended 30 April 2017 against a profit of nearly KWD 9,440 ($31,040) in the same period of 2016.
The negative turn in the first quarter’s financial statements is attributed to a change in the fair value of investments, according to a bourse statement issued on Monday.
It is noteworthy that Effect posted a decline of 82.4% in losses to about KWD 293,450 during the fiscal year ended 31 January 2017, compared to KWD 1.67 million in the same period of the prior year.
