Mubasher: Credit Rating and Collection (Tahssilat) reported an increase of 2,267.7% in losses during the fourth quarter of 2016 as compared to the same period a year ago.

Losses deepened to KWD 4.7 million ($15.4 million) in Q4-16 from around KWD 198,510 ($649,500) in Q4-15, according to a recent bourse statement.

During the fiscal year of 2016, Tahssilat suffered a growth of 997% in losses to KWD 4.99 million from approximately KWD 454,910 in FY15.

The company posted operating losses of nearly KWD 509,800 in FY16, 4.2% lower than around KWD 531,950 in FY15, the statement added.