Kuwait – Mubasher: Burgan Company for Well Drilling, Trading and Maintenance (ABAR) reported a decline of 49.5% in profits during the second quarter ended 30 September, 2016 as compared to the same period a year ago.
Earnings shrank to nearly KWD 733,050 ($2.41 million) in Q2-16 from KWD 1.45 million ($4.76 million) in Q2-15, the company said in a bourse statement issued on Wednesday.
During the six-month period ended 30 September, 2016, ABAR’s profits declined by 36.8% to about KWD 1.13 million from KWD 1.78 million in the same period a year ago.
The decline in profits was due to the expiry of contracts previously signed with Kuwait Oil Company (KOC), and ABAR is working on renewing them.
