Kuwait - Mubasher: Boubyan Petrochemicals on Sunday reported a 48% decrease in profits for the third quarter which ended on 31 January 2017 compared to the same period in 2016.
Profits reached KWD 504,300 ($1.65 million) compared to KWD 970,000 ($3.17 million) in the same period in 2016, according to the company’s statement to Boursa Kuwait.
On the level of the last nine months, which ended on 31 January 2017, the petrochemical company’s profits retreated 79.1% to reach to KWD 1.4 million down from KWD 6.7 million in the corresponding period in 2016.
The company attributed the decline in profits to the decrease in returns from selling financial assets worth KWD 4.1 million, as well as the decline in operating profit of subsidiary companies by KWD 734,000. Moreover, last year, Boubyan Petrochemicals achieved a one-off gain of KWD 686,000 from selling one of its sister companies.
The company previously reported KWD 895,720 for the six months which ended on 31 October 2016, registering a drop of 85% from KWD 5.73 million seen in the same period in 2015.
Boubyan Petrochemicals’ share ended Sunday’s trading session flat at 570 fils, and recorded liquidity of KWD 29,030 through the trading of 50,930 shares.
