Shares in Kuwait's IFA sink as group reports loss of Dh69m

17/11/2014 19:59 AST

International Financial Advisors (IFA) swung to a loss in the third quarter, sending its shares down 8 per cent.

The Kuwait investment group reported a total loss of 5.5 million Kuwaiti dinars (Dh69.4m), down from a profit of 1.4m dinars in the same period last year. Its total comprehensive loss for nine months ending September 30 was 17.2m dinars, down from a profit of 6.4m dinars.

IFA was not immediately available for a comment.

One of its subsidiaries, IFA Hotels and Resorts, had a joint venture with Nakheel on the Palm Golden Mile development. On Sunday, IFA announced it had entered an agreement with the Dubai master developer for the sale of unsold office, retail and residential space at the complex.

In a filing to the Dubai Financial Market on Sunday, IFA said it had 50.7m dinars worth of investment properties in the UAE and had 131.6m dinars worth of property under development in Dubai at the end of September.

The parent company trades in local and international securities and is involved in portfolios management, among other operations.


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