Kuwait Real Estate News
Salhiya Real Estate reports KD35 mn loss this year
The Chairman of the Board of Directors and Managing Director at Salhiya Real Estate, Ghazi Al-Nefisi, said that the company losses this year amounted to KD 35.5mn, a loss equivalent to 90 fils per share.
Speaking during the General Assembly meeting of the company, Al-Nefisi said that the losses of the company were mainly due to decline in financial investments, either domestic or foreign, and decline in the value of real estate owned by Salhiya Real Estate Company.
The Salhiya Real Estate registered a lower value of investments available for sale, including reduction in real estate prices, to protect the company from possible price fluctuations in 2009.
The global economic crisis has made its impact felt in Kuwait, which had a negative impact on the country’s economy.
Al-Nefisi said that the company, which is still solid in terms of operating revenues, had its annual operating revenue at USD44.147mn in 2008, while the total real estate investment assets touched KD264mn and rights of ownership totals to KD106.20.
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