Mubasher: Kuwait Remal Real Estate suffered an increase of 172.3% in losses during the fourth quarter of 2016 as compared to the same period of 2015.

The company’s losses widened to KWD 8.44 million ($27.66 million) in Q4-16 from KWD 3.1 million ($10.16 million) in Q4-15, according to a bourse filing issued on Thursday.

Over the fiscal year, losses surged 148.4% to KWD 9.19 million from KWD 3.73 million in FY15.

The board members recommended zero dividends for FY16.

At the stock level, Remal Real Estate closed Thursday’s session at 81 fils, after 5.77 million shares were traded at a value of about KWD 469,650.