Mubasher: Taameer Real Estate Investment (Taameer) on Wednesday posted a 438.3% year-on-year hike in its losses for the second quarter of 2018.
Net losses amounted to KWD 1.31 million ($4.33 million) in Q2-18, compared to KWD 243,340 ($803,470) in Q2-17, according to the company’s statement to Boursa Kuwait.
For the first half of 2018, the company incurred losses of KWD 1.33 million, from KWD 574,000 in the prior-year period.
The statement attributed the surge in losses to selling its entire stakes in Morocco-based subsidiaries Ram Three Real Estate and Boulevard Hotel Co, with total losses of KWD 1.05 million.
However, the company turned to losses in Q1-18 with KWD 21,400, against a profit of KWD 242,770 in Q1-17.
By the end of Tuesday’s session, Taameer’s stock stood at KWD 29.
