Kuwait – Mubasher: Kuwait Building Materials Manufacturing posted a decline of 55.5% in profits during the third quarter of 2016 as compared to the same period a year ago.
Earnings amounted to nearly KWD 33,250 ($109,700) in Q3-16 as compared to around KWD 74,720 ($246,500) in Q3-15, according to a bourse statement issued Monday.
During the nine-month period, profits dropped 56.2% to around KWD 159,200 as compared to nearly KWD 363,060 in the corresponding period of 2015.
The Kuwaiti firm clarified that the lower profits resulted from higher prices of raw materials and transportation as well as lower sales value.
