Mubasher: Kuwait and Middle East Financial Investment (KMEFIC) on Wednesday reported a reduction in losses by 95.5% year-on-year in the third quarter of 2017.
Losses reached KWD 86,020 ($284,800) in Q3-17, compared to KWD 1.92 million ($6.4million) in Q3-16, according to KMEFIC’s financial statement on Boursa Kuwait.
As for the first three quarters, losses declined by 84.8% to reach KWD 492,220, compared to KWD 3.24 million in the same period last year.
The reduction in the company losses came on the back of lower expenses and provisions and an increase in income, according to the statement.
KMEFIC had previously reported narrowing its losses by 69.2% in the first half of 2017 to reach KWD 406,200 versus KWD 1.32 million in the same period last year.
