Kuwait Hotels’ losses narrow 87% in Q3 2019

The financial statements of Kuwait Hotels indicated an 87% year-on-year decline in losses during the third quarter of 2019.

  
Kuwait city. Image used for illustrative purpose.

Kuwait city. Image used for illustrative purpose.

Getty Images/Shahbaz Hussain
Mubasher: The financial statements of Kuwait Hotels indicated an 87% year-on-year decline in losses during the third quarter of 2019.

The losses of the period fell to about KWD 31,900 ($105,420) in Q30-19 when compared to nearly KWD 245,900 ($812,640) in Q3-18, according to a bourse filing on Sunday.

During the first nine months of 2019, the firm’s losses plunged by 67% to about KWD 60,340 from around KWD 180,270 during the corresponding period in 2018.

The company ascribed the drop in losses to profits realised from selling fixed assets.

It is worthwhile to mention that over the first half of 2019, Kuwait Hotels incurred losses worth about KWD 28,440 against profits worth around KWD 65,630 in the corresponding period in 2018.

Source: Mubasher

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