Mubasher: Alrai Media Group posted a decrease of 70.7% in profits during the fourth quarter of 2017 compared to the same period in the previous year.
Earnings shrank to about KWD 344,200 ($1.1 million) in Q4-17 compared to KWD 1.2 million ($3.9 million) in Q4-16, according to a bourse statement on Monday.
During fiscal year 2017, Alrai registered a drop of 55% in profits to KWD 1.8 million compared to KWD 4.1 million in FY16.
The negative performance in FY17 profits is attributed to a downward in the local commercial market, the statement added.
Alrai Media’s board members recommended a cash dividend of 24% or 24 fils per share for FY17.
At the stock level, Alrai Media closed Monday’s session 0.84% at 120 fils.
