Kuwait-Mubasher: Aviation Lease and Finance Company (Alafco) posted a drop of 25% in profits of the third quarter ended 30 June, 2016 as compared to the same period in 2015.
Alafco’s earnings decreased to KWD 3.88 million ($12.83 million) in the third quarter this year, from KWD 5.16 million ($17.06 million) in Q3-15, according to a bourse statement issued Wednesday.
Over the nine months ended 30 June, 2016, the company’s profits plunged 26% to KWD 9.94 million from nearly KWD 13.35 million in the corresponding period the previous year.
Net profits in the nine months shrank as operating expenses increased by KWD 2.7 million, according to the statement.
