Mubasher: IFA Hotels and Resorts incurred an increase of 556.9% in losses during the first quarter of 2019 compared to the same period last year.
Losses widened to KWD 4.66 million ($15.36 million) in Q1-19 from about KWD 709,400 ($2.34 million) in Q1-18.
The increase in Q1 losses is attributed to lower net income of KWD 3.5 million from selling properties as well as hotel operations, in addition to a rise of nearly KWD 588,600 in operating expenses and other expenses.
