Kuwait - Mubasher: IFA Hotels and Resorts posted losses of KWD 3.57 million ($11.85 million) in the second quarter of the year, versus profits of nearly KWD 2.48 million ($8.23 million) for the same quarter of 2016.

The financial statements of the company also showed that semi-annual losses amounted to KWD 2.84 million in the first half of 2017, against net profits of around KWD 425,900 in H1-16, the company said in a statement to Boursa Kuwait on Monday.

Operational income declined by 11.5% to KWD 13.36 million, down from KWD 15.1 million for the same period last year.