IFA losses shrink 33% in FY17

Mubasher: International Financial Advisors (IFA) has suffered a loss of KWD 4.15 million ($13.9 million) in the fourth quarter of 2017 against profits worth KWD 610,000 ($2 million) in the corresponding period last year.

IFA, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), reported a decrease of 33.4% in losses to KWD 2.69 million during the 2017 fiscal year compared to KWD 4.04 million in the prior year, according to a bourse statement on Thursday.

In FY17, IFA has sold part of the stake in its associate, Yotel Investment Limited Company, with a profit worth KWD 6.31 million.

IFA has also sold part of its equity in Arzan Financial Group for Financing and Investment, generating a loss of KWD 612,000 in the income statements of FY17.

A loss worth KWD 3.28 million followed selling an investment in Kingdom 5KR 29 Limited.

IFA has also exited its investments in J.P. Morgan with a profit of around KWD 604,530.

Mubasher Contribution Time: 15-Feb-2018 06:46 (GMT)
Mubasher Last Update Time: 15-Feb-2018 08:29 (GMT)

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