Mubasher: Kuwait-based Al Massaleh Real Estate reported a 12% year-on-year decrease in losses during fiscal year 2018.
The company’s losses totalled KWD 2.32 million ($7.65 million) during FY18, down from KWD 2.63 million ($8.67 million) in the prior fiscal year, according to a statement to Boursa Kuwait on Tuesday.
The firm attributed the decrease in FY19 losses to a 23% increase in rental income.
Al Massaleh’s board clarified that it has approved the company's financials after adjusting and amending the figures, based on the results of the auditor's review.
Boursa Kuwait on Tuesday has resumed trading activities on Al Massaleh’s stock.
In April, the Kuwaiti stock exchange suspended trading on some stocks, including Al Massaleh.
The Capital Markets Authority (CMA) last month imposed a KWD 40,000 fine on Al Massaleh due to violating the regulations of announcing financial results.
