Kuwait – Mubasher: First Dubai on Monday reported a turn to losses in the fourth quarter of 2016, but posted overall annual profits for FY16.
The company suffered KWD 560,000 ($1.83 million) in losses in the last three months of 2016 against KWD 830,000 ($2.72 million) in profits in the corresponding period of 2015, according to a filing to Boursa Kuwait.
Annually, First Dubai’s profits reached KWD 1.54 million in 2016, down 24.1% year-on-year from KWD 2.03 million.
The company’s attributed its fall in profits to a decline in the value of its assets available for trade by KWD 1.3 million compared to an increase in the value of the same assets by KWD 375,040 in 2015, according to the statement.
First Dubai’s stock dropped 4.88% to 78 fils on Bourse Kuwait during the session’s early trades on Monday.
