Mubasher: Al Madar Finance and Investment on Sunday announced a 44.1% drop in losses for the second quarter of 2017 compared to the year-ago period.

Losses amounted to KWD 727,670 ($2.42 million) in Q2-17, down from KWD 1.3 million ($4.31 million) in the same period of 2016, according to a filing to Boursa Kuwait.

Between January and June, Al Madar logged KWD 1.01 million in losses, registering a 49.5% drop from KWD 2 million in the year-ago period.

The decline in losses in the first six months is attributable to Al Madar not creating provisions for doubtful loans compared to the year-ago period.

Al Madar previously posted KWD 282,330 ($928,350) in losses in Q1-17, down 59.9% from nearly KWD 704,390 in the corresponding period of 2016.