Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) posted a decline of 11.6% in profits during the third quarter of 2017 compared to the same period last year.
Earnings decreased to KWD 1.3 million ($4.3 million) in Q3-17 compared to KWD 1.47 million ($4.87 million) in Q3-16, according to a bourse statement issued on Sunday.
During the first nine months of 2017, HEISCO posted a fall of 1.1% in profits to KWD 4.5 million compared to KWD 4.55 million in the same period a year ago.
The drop in profits is attributed to an increase in provision of doubtful debts, the statement added.
It is worth noting that the company reported a rise of 4.2% in profits to KWD 3.21 million in the first half of 2017 compared to KWD 3.08 million in the H1-16.
At the stock level, HEISCO closed Sunday’s session at 193 fils.
