Mubasher: The losses of Gulf Franchising Holding widened to total about KWD 125,500 ($409,800) during the fourth quarter of 2016 from nearly KWD 5,400 ($17,600) in the same period of 2015.

During fiscal year 2016, losses shrank by 14% to reach KWD 270,000 from about KWD 314,100 in the previous fiscal year, according to a bourse filing issued on Monday.

The decline in FY16 losses resulted from higher operating revenue as well as a decline in operating costs.

The board members recommended zero dividends for the fiscal year, the statement noted.