FINANCIAL NEWS

Kuwait’s IFA Hotels reports $67m loss

02 Oct 2010

(MENAFN) Kuwait-based IFA Hotels & Resorts (IHA HR) has reported a loss of $67.3 million for the 2010 financial year, Kuwait Times reported.

Earnings per share decreased to 16 cents this year, while shareholder equity decreased to $175.2 million. The company�s total assets, however, increased by 10 percent to $1.38 billion, it said in a statement.

The company adopted the completed method of accounting as per the recommendations of the International Accounting Standard Board (IASB), and so we were not able to recognize revenue based on proportion of construction completed for units sold, said Ibrahim S Al-Therban, chairman of IFA HR.

In line with this increased activity, IFA HR has created IFA Hotel Investments (IFA HI), a wholly-owned subsidiary that will provide strategic direction to all of the company�s operational assets and expand its portfolio within the hospitality industry.

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