Mubasher: Gulf Cable and Electrical Industries posted a decline of 25.7% in profits to KWD 1.13 million ($3.78 million) during the fourth quarter of 2017 compared to KWD 1.52 million ($5.09 million) in the same period a year ago.
During fiscal year 2017, profits increased by 20.4% to KWD 8.26 million from KWD 6.86 million in the prior year, according to a bourse statement on Wednesday.
The growth in FY17 profits is attributed to higher income from investments available for sale.
Gulf Cable’s board members recommended a cash dividend of 25% or 25 fils per share for FY17.
