Kuwait – Mubasher: Energy House Holding on Thursday reported a decline in losses by 56% during the second quarter of 2017 on an annual basis.

Losses reached KWD 1.08 million ($3.58 million) in Q2-17, compared to KWD 2.45 million ($8.12 million) in Q2-16, according to a bourse filling.

Meanwhile, losses in the first half of 2017 amounted to KWD 1.38 million, down 7.4% year-on-year from KWD 1.49 million.

The decline in losses during H1-17 was largely driven by the rise in total earnings, reaching KWD 533,550, the increase in profits from shares in associates of KWD 174,000, and the increase in other income of KWD 54,900.

Energy House had previously turned to losses in Q1-17 with KWD 304,510, against profits of KWD 956,630 during the same period of the previous year.

The company’s stock closed Thursday’s trading session at a price of 35.5 fils, after 2,700 shares were traded at a value of KWD 96.