TEC suffers non-operational losses

03 May 2009

Kuwaiti Touristic Enterprises (TEC) had non-operational losses of KD811,700 due to global economic crisis and the subsequent sharp drop in investments by the company in 2008. Chairman and Managing Director Khalid Al-Ghanim, attributed the losses to implementing auditing standards, which led to unrealised losses of KD1.8m, as well as following government orders to raise employee salaries.

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