Mubasher: IFA Hotels and Resorts reported a decline of 66.5% in profits during the fourth quarter of 2016 as compared to the corresponding period of 2015.

The company’s earnings shrank to KWD 3.42 million ($11.2 million) in Q4-16 from KWD 10.2 million ($33.4 million) in Q4-15, according to a bourse filing issued on Thursday.

During the fiscal year, profits amounted to KWD 3.94 million, compared with KWD 2.4 million in FY15.