Kuwait – Mubasher: Taameer Real Estate Investment Company’s (Taameer) losses increased 32.7% in the fourth quarter of 2016 compared to the same period in 2015.
Taameer’s losses stood at KWD 572,060 ($1.88 million) during Q4-16, compared to KWD 431,190 ($1.41 million) in Q4-15, according to the company’s financial statements.
The company lost KWD 1.02 million in 2016, compared to KWD 1.36 million in the year before, showing a drop of 25%.
The main reason for the decline was the decrease in losses from re-evaluation of financial assets at their fair value through profit or loss, and financial assets which are available for sale. The re-evaluation losses amounted to KWD 676,000 at the end of 2016, from KWD 1.09 million in 2015, the company said in a statement to Boursa Kuwait on Thursday.
Taameer’s stock retreated 4.17% at 10:22am Kuwait time, dropping to 34.5 fils through the exchange of 1.12 million shares with a value of KWD 38,900.
