National Shootings losses more than septuple in 2019

Mubasher: The net loss of National Shooting Company widened by 672% in the fiscal year (FY) 2019 to reach KWD 3.8 million ($12.35 million), compared with KWD 496,612 ($1.6 million) in 2018.

The negative 2019 results are ascribed to a rise in changes in the fair value (FV) for properties under development, an impairment for properties under development, a growth in changes of investment property, and higher general and administrative expenses, according to a statement to Boursa Kuwait on Tuesday.

In the fourth quarter (Q4), the company suffered losses worth KWD 3.7 million, up by 456.5% from KWD 676,914 in the same period in 2018.

Source: Mubasher

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