Kuwait - Mubasher: Al Arabiya Real Estate Company (ARABREC) turned to losses in the fourth quarter of 2016 compared to the corresponding period in 2015, according to its unaudited financial results.

Losses reached KWD 4.25 million ($13.93 million) in Q4-16, against profits of KWD 4.02 million ($13.18 million) in Q4-15, according to the company’s statement to Boursa Kuwait on Tuesday.

The company also turned to losses in its annual results, amounting to KWD 6.8 million in 2016 against profits of KWD 1.76 million in the year before.

The board of directors recommended distributing 4.55 million bonus shares at 9-for-100 shares.

Al Arabiya’s stock ended Tuesday’s trading down 1.19% at 41.5 fils, with a turnover of KWD 83,600 through the exchange of 2.05 million shares.