Mubasher: Global producer of petrochemicals EQUATE Group’s unaudited financial statements showed a 59% year-on-year decline in earnings before interest, tax, depreciation and amortisation (EBITDA) during the second quarter of 2019, recording $231 million.
The company’s revenue went down by 35% to $822 million in Q2-19 versus $1.26 billion in the year-ago period, according to the Kuwait News Agency (KUNA).
Net income after taxes dropped 71% to $126 million in the three-month period ended 31 June 2019, compared to $427 million the year before.
EQUATE Group reported a 49% year-on-year profit decline during the first quarter of 2019, recording $294 million.
