Kuwait-Mubasher: Ikarus Petroleum Industries suffered losses in the first quarter of 2016, versus earnings in the corresponding period of 2015, the company said in a statement issued Thursday.
The company’s losses reached about KWD 728,140 ($2.41 million) in Q1-16, against profits worth around KWD 851,010 ($2.82 million) in Q1-15.
Ikarus clarified that the losses posted in Q1 were due to the absence of dividends from foreign portfolio for the fiscal year 2015.
The company added “No selling of stocks due to the large decrease in the market value of shares during the first quarter ended 31 March, 2016”.
Ikarus stock rose by 3.61% to 43 fils, as about 538, 660 shares were traded with a value of around KWD 22,710.
