Kuwait-based developer IFA Hotels & Resorts (IFA HR) has reported a loss of 19.5 million Kuwaiti dinars (Dh250 million) for the 2010 financial year.
Earnings per share fell to 45.2 fils this year, while shareholder equity decreased to 50.79 million dinars. The company's total assets, however, increased by 10 per cent to 400.85 million dinars.
Chairman Ebrahim S. Al Therban said: "The company adopted the completed method of accounting as per the recommendations of the International Accounting Standard Board and so we were not able to recognise revenue based on proportion of construction completed for units sold."
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