Kuwait – Mubasher: Kuwait Food – Americana earned KWD 20.47 million ($67.36 million) in the third quarter of 2016, higher 85.8% year-on-year from KWD 11.02 ($36.26 million), a Sunday's bourse filing revealed.
Net profits for the first nine months grew 26.9% year-over-year to KWD 44.7 million from KWD 35.22 million.
The company excluded investments offered for sale during 2016, which created a positive profitable impact, compared with losses incurred due to the lower value of these investments for the year-ago period, said Americana in the bourse filing.
Moreover, higher profits for the nine-month period were driven by lower administrative and general expenses and lower financing costs, Americana added.
In the first six months, net profits inched up 0.08% year-on-year to KWD 24.22 million from KWD 24.2 million.
