Kuwait – Mubasher: Alrai Media Group posted a 25.2% year-on-year fall in profits for the second quarter of 2017, according to a bourse filing.
The Kuwait-listed company achieved profits of KWD 1.19 million ($3.93 million) in Q2-17 against KWD 1.59 million ($5.25 million) in Q2-16.
In the first half of 2017, the firm’s profits plunged 44.2% to KWD 1.64 million against KWD 2.94 million in H1-16.
Alrai attributed the decline in profits to the general fall in the domestic advertising market.
The firm had previously reported a 66.7% plummet in profits to reach KWD 449,760 in Q1-17, versus KWD 1.35 million in the corresponding period of the year before.
By the end of Tuesday’s trading, Alrai’s stock closed 0.33% higher at 122 fils, with a traded volume of a 20,000 shares and a turnover of KWD 2,440.
