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IFA Hotels & Resorts reports $67.3m loss

Kuwaiti hospitality group, IFA Hotels and Resorts has reported a loss of KD19.5m ($67.3m) for the 2010 financial year, mainly due to a capital loss on the sale of land. The group sold the land to generate further liquidity to settle financial commitments and finance ongoing projects. "A revaluation loss has also been taken on our property portfolio in South Africa and provisions have been made in the fourth quarter in order to compensate for current market conditions," IFA chairman, Ibrahim S. Al-Therban said.