Kuwait – Mubasher: Combined Group Contracting Company’s net profit for the second quarter of the fiscal year 2016 declined by 45% to KWD 835,950 ($2.77 million), versus KWD 1.52 million ($5.04 million) posted for Q2-15.
The fall in Q2 results was attributed to losses of the company’s subsidiaries, according to a bourse filing.
In the first half of fiscal 2016, net profit dropped 89.5% to KWD 219,570 from KWD 2.1 million reached in the same period of 2015.
The company earlier reported a net profit of KWD 616,400 for Q1-16, compared to KWD 580,600 for Q1-15.
