Mubasher: The financial statements of Inovest decreased by 58.9% during the third quarter of 2017 compared to the corresponding quarter in 2016.
Earnings of Inovest, which is listed on both Boursa Kuwait and Bahrain Bourse (BHB), declined to $1.6 million in Q3-17 from $3.89 million in Q3-16, according to a bourse statement issued on Tuesday.
During the nine-month period, the profits increased by 105.7% to $18.9 million compared to $9.19 million in the same period a year ago.
Inovest clarified that the increase in earnings is attributed to cash collection as well as settling some debtors’ accounts.
It is worth noting that Inovest achieved a leap of 226.4% in profits to $17.3 million in the first half of 2017 compared to $5.3 million in the same period a year ago.
