Al Safat Real Estate KSCC : Effect Real Estate FY18 financials turn to negative

Losses amounted to KWD 351,140 in FY18

EFFECT EFFECT -34.00% 15.00 -8.00

Mubasher: Effect Real Estate Company on Wednesday revealed that the company’s losses rose 19.7% year-on-year for the fiscal year ended 31 January 2018.

Losses amounted to KWD 351,140 in FY18, compared to KWD 293,450 during FY17, according to the company’s filing to Boursa Kuwait.

The company attributed the increase in losses to the change in properties’ value.

Moreover, Effect’s board recommended no dividends for FY18.

Source: Mubasher

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