Kuwait – Mubasher: Gulf Insurance Group posted a drop of 14.6% in profits to KWD 2.82 million ($9.24 million) in the first quarter of 2017 from KWD 3.30 million ($10.82 million) in the same quarter of the prior year.
The decline in Q1 profits resulted from a decrease in the company’s share from profits of a subsidiary, according to a bourse statement issued on Sunday.
Net operating profit shrank by 79.6% to nearly KWD 909,880 in Q1-17 from KWD 4.45 million in Q1-16.
