Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) reported a decline of 11.8% in profits during the fourth quarter of 2017 compared to the same period in the previous year.
Earnings increased to KWD 1.57 million ($5.24 million) in FY17 from KWD 1.78 million ($5.95 million) in Q4-16, according to a bourse filing on Tuesday.
During fiscal year 2017, HEISCO posted a decrease of 4.1% in profits to KWD 6.07 million from KWD 6.33 million in FY16.
The drop in FY17 profits is attributed to losses from lower value by commercial debtors, HEISCO noted.
HEISCO’s board members recommended a cash dividend of 20% or 20 fils per share for FY17.
It is worth noting that during the nine-month period in FY17, HEISCO registered a fall of 1.1% in profits to KWD 4.5 million compared to KWD 4.55 million in FY16.
