ALAFCO Aircraft Finance, Purchase and Leasing Company incurred losses amounting to 23.78 million Kuwaiti dinars, equivalent to 78.73 million US dollars, in the fiscal year ending on September 30, 2021.
The company's annual results, published today, Wednesday on the official website of the Kuwait Stock Exchange, showed that the company's annual losses increased by 143% compared to last year's losses of 9.79 million dinars.
The company said in a statement to the stock exchange that the increase in losses during the comparison years is mainly due to a decrease in profit from operations and an increase in the provision for credit losses.
ALAFCO's losses amounted to about 20.63 million dinars in the fourth quarter ending on September 30, 2021, an increase of 85% compared to losses for the same period in 2020, amounting to 11.18 million dinars.
The company turned to a loss in the nine months ended June 30, 2021, at a value of 3.15 million dinars, compared to profits for the same nine months of last year, which amounted to 1.39 million dinars.
