Kuwait – Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) reported a decrease of 23.4% in profits during the first quarter of 2017 as compared to the same period of 2016.
HEISCO posted earnings worth KWD 1.42 million ($4.64 million) in Q1-17 from KWD 1.85 million ($6.04 million) in Q1-16, according to a bourse filing issued on Sunday.
The drop in Q1 profits resulted from lower operating earnings of KWD 2.74 million from KWD 3.17 million in Q1-16; a year-on-year retreat of 13.6%.
At the stock level, HEISCO closed Sunday’s session 4.63% higher at 226 fils.
