Mubasher: Alrai Media Group incurred losses in the third quarter of 2017 against a profit in the same period a year ago, according to a bourse statement issued on Tuesday.
The company suffered a loss of KWD 143,000 ($747,150) in Q3-17 versus profits worth nearly KWD 2,000 ($6,630) in Q3-16.
During the first nine months of 2017, Alrai Media registered a decline of 49% in profits to KWD 1.5 million compared to KWD 2.94 million in the corresponding period last year.
The drop in profits is attributed to the general decline in the local advertising market in Kuwait, the statement added.
It is worth mentioning that Alrai reported a retreat of 44.2% in profits to KWD 1.64 million in the first six months of 2017 from KWD 2.94 million in the same period in the prior year.
At the stock level, Alrai media closed Tuesday’s session 0.83% lower at 120 fils.
