Kuwait – Mubasher: Kuwait and Middle East Financial Investment (KMEFIC) suffered losses during the third quarter of 2016 versus a profit in the same period a year ago.
Net loss reached KWD 1.913 million ($6.3 million) in Q3-16, against profits of around KWD 721,354 ($2.37 million) in Q3-15, the company said in a bourse statement issued on Wednesday.
During the first nine months of 2016, losses reached KWD 3.235 million versus earnings worth around KWD 371,587 in the corresponding period a year ago.
The negative performance registered was due to “provision on loan advances and claims amounting to KWD 2,250”, the statement said.
