Ikarus Co. declares losses resulting from meltdown

18/05/2009 00:00 AST

Ikarus Petroleum Industries declared on Sunday that it incurred losses amounting to 49 million Kuwaiti dinars in the 2008 fiscal year.

Board Chairman Nader Al-Sultan said in a statement at the companys general assembly that the company suffered from impact of the international financial crisis. This effect was in the form of the drop of the value of the assets and the oil prices by 60 percent, in addition to the drop of the prices of the petrochemicals, 50 percent.

As a result of the ramifications of the global financial meltdown, the companys market value also dropped. These losses amounted to KD 48 million of the overall losses that reached KD 49 million. Moreover, shareholders equity dropped 45.7 percent compared to the 2007 fiscal year.

The assembly approved the 2008 budget and a board proposal to refrain from distributing dividends for the fiscal year expiring on Dec 31, 2008.


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