Kuwait – Mubasher: International Financial Advisors (IFA) posted a 29.2% decline year-on-year in the fourth quarter of 2016, according to a bourse statement.
Profits reached KWD 1.96 million ($6.44 million) in Q4-16, compared to KWD 2.77 million ($9.1 million) in Q4-15.
The company incurred KWD 2.69 million losses in the fiscal year 2016, against net profits of KWD 1.21 million achieved a year earlier.
Annual losses are mainly attributed to the fall of net income from hotelier and related services by KWD 3.21 million and net gain from investments by KWD 6.12 million.
Gain on sale of subsidiaries fell by KWD 11.015 million. However, net gain from investment properties increased by KWD 3.34 million, and other income rose by KWD 1.68 million.
