Kuwait-based developer IFA Hotels & Resorts (IFA HR) has recorded a loss of $17.37 million for the second half of 2009.

The company, which owns a number of whole ownership and fractional developments in Europe, the Middle East and Asia, said the size of the reported loss was due to a change in accounting methods, as recommended by the International Accounting Standards Committee (IASC).

“This has had an impact on the revenue in comparison to the previously applied methods, where the methodology of company income is based on the percentage of project completed,” said IFA HR’s chairman Ibrahim Al-Therban.

The company is a partner in Fairmont’s Palm Jumeirah Hotel, which has been delayed by at least a year to 2011 because of problems securing funding. “The problem is our partners in that venture are having financing challenges just like everyone else,” Fairmont’s president, Thomas Storey, told Arabian Business last month.

However, IFA HR is pushing ahead with its projects. Last week, the company launched a private residence club alongside furnished freehold apartments in its Laguna Tower development in Dubai.

“It has always been our goal to ensure our customers have a variety of investment, residential and lifestyle options available across our portfolio,” said IFA HR’s president and COO, Werner Burger.