Mubasher: The net losses of International Financial Advisors (IFA) increased in the fiscal year (FY) 2019 to stand at KWD 18.4 million when compared to KWD 12.2 million in 2018.
The negative 2019 results are owed to a drop in IFA’s share of results from associates by KWD 7.5 million and a decrease in loss from a sale of a subsidiary by KWD 7.4 million, according to a stock exchange filing on Wednesday.
Moreover, IFA recorded lower other losses from financial assets by KWD 353,596 and a higher impairment of the value of an associate by KWD 8.8 million.
Financing costs slid by KWD 851,507 and losses from discontinued operations dropped by KWD 5.5 million.
According to the annual unaudited initial financials, net losses of IFA narrowed by 70.7% to KWD 3.6 million ($11.80 million) in 2019 from KWD 12.3 million ($40.30 million) in 2018.
During the fourth quarter (Q4), IFA’s losses surged by 1,414%, reaching KWD 14.1 million from KWD 937,420 in the corresponding period a year earlier.
It is worth noting that over the period from January to September of 2019, the losses plunged by 62.8% to KWD 4.213 million from KWD 11.322 million in the same period in 2018.
IFA is a dual-listed company on the Dubai Financial Market (DFM) and Bourse Kuwait.
