Kuwait-Mubasher: Combined Group Contracting posted a 13.1% decline in quarterly profits, according to a bourse statement.
Profits reached KWD 1.39 million ($4.61 million) in the fourth quarter of 2015, compared to KWD 1.6 million ($5.31 million) in the same period of 2014.
Annual profits stood at KWD 4.09 million ($13.56 million) in 2015, a decrease of 20.7% from KWD 5.16 million ($17.10 million) in 2014
The profit decline is attributed to the impairment losses on the value of investment properties owned by one of the subsidiaries, in addition to the inventory provision for slow moving charged for another subsidiary.
The board recommended 20% cash dividends, equivalent to 20 fils per share, in addition to 10% bonus share on a 10-for-100 basis.
