Al-Safat Real Estate suffered losses worth about KWD 2,320 ($7,650) in the first quarter ended 30 April, 2015, against earnings of around KWD 762,280 ($2.51 million) in the same period of 2014.

Losses from sale of assets outweighed net earnings netted from debtors, causing the negative performance, the company explained in its filing to the Kuwaiti bourse on Monday.

Al-Safat’s capital stands at KWD 24 million, distributed on 240 million shares with a par value of 100 Kuwaiti fils a share.