Kuwait-Mubasher: Gulf Cable and Electrical Industries posted a 713.4% surge in its losses during the fourth quarter of 2015, according to a bourse filing.
Losses reached KWD 35.14 million ($116.32 million) in Q4-15, compared to KWD 1.32 million ($14.3 million) in Q4-14.
The cable manufacturer logged KWD 31.57 million ($104.99 million) losses in 2015, against profits of KWD 4.55 million ($15.13 million) a year earlier.
The company saw losses due to a decline in investment income and available-for-sale investments.
The board of directors proposed to freeze dividends for 2015.
