Kuwait – Mubasher: Aayan Leasing and Investment posted a drop of 43% in profits during the third quarter of 2016 as compared to the same period a year ago.
Earnings stood at about KWD 900,100 ($2.96 million) in Q3-16 when compared with KWD 1.58 million ($5.19 million) in Q3-15, the company said in a bourse statement.
During the first nine months of 2016, profits shrank by 76.7% to KWD 1.63 million from KWD 7 million during the corresponding period a year ago.
“During the previous period, the parent company recorded a gain of KWD 3.5 million on the assets swapped with creditors,” the bourse statement said, adding “one of the subsidiaries in the group recorded a gain of KWD 2.7 million resulting from recovery of investment in portfolio outside Kuwait which the subsidiary had fully impaired in the previous years.”
