Kuwait - Mubasher: The financial statements of Effect Real Estate Company showed a decrease in annual losses in the period ended 31 January 2017 by 82.4% year-on-year.
The company said in a statement to Boursa Kuwait on Monday that during that period losses totalled KWD 293,450 ($977,900), compared to KWD 1.67 million ($5.6 million) in the same period the year before.
The decline in losses is attributed to the changes in the fair value of some of the company’s real estate investments, as well as the investment in a real estate portfolio, the statement noted.
Meanwhile, Effect’s board of directors has recommended not to distribute dividends for last year's profits.
