Kuwait's Tahssilat suffers 49% higher losses in Q3 2019

Tahssilat incurred nearly $355,400 losses in Q3-19, compared to about $239,200 in the corresponding quarter in 2018

Image used for illustrative purpose. Kuwait City at sunset.

Image used for illustrative purpose. Kuwait City at sunset.

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Kuwait - The losses of Credit Rating and Collection (Tahssilat) hiked by 48.6% year-on-year during the third quarter of 2019.

Tahssilat incurred nearly KWD 107,610 ($355,400) losses in Q3-19, compared to about KWD 72,420 ($239,200) in the corresponding quarter in 2018, according to a filing to Boursa Kuwait on Thursday.

During the first nine-month period of 2019, the firm incurred losses worth nearly KWD 226,330, which is 13.7% lower than about KWD 262,140 a year earlier.

The firm ascribed the nine-month losses to the unexpected higher annual subscription fees of Boursa Kuwait to nearly KWD 50,000 from about 8,250 KWD, in addition to lower market value of the investments by the fair value (FA), which has led to unrealised losses, and lower operating revenues to cover the firm’s expenses.

It is worth pinpointing that over the first half of 2019, Tahssilat’s losses retreated by 37.4% to about KWD 118,720 from approximately KWD 189,720 in H1-18.

Source: Mubasher

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