Kuwait Real Estate News
Mayadeen posts $92million loss
The Kuwait National Ranges Company (Mayadeen) has plunged into a loss in 2008, due to the dropping value of investments in an affiliate, with the global crisis hitting the Gulf, including Kuwait.
A net loss of KD27million ($92m) has been posted last year, in comparison to the net profit of KD9mn a year earlier.
The company has real estate projects in Dubai and Abu Dhabi, apart from owning, building and maintaining shooting ranges.
The Chief Executive of Mayadeen, Naser Al-Astar, said that the loss was due to decline in value of investments and booking provisions of KD11mn in 2008.
The main reason for the loss is that Mayadeen made a KD10mn loss for its share in an affiliated company which posted losses. The total assets fell to KD128.75mn in 2008 from KD146.92mn a year earlier. The shareholders equity was KD68.142mn, down from KD109.27mn, the company said.
The firm’s Board has recommended that no cash dividends would be paid for 2008. The biggest investment bank in Kuwait, the Global Investment House, owns 14.8 percent stake in Mayadden, it is said.
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