Mubasher: Kuwait Projects Holding (KIPCO) reported a decline of 32.1% in profits during the third quarter of 2017 compared to the same period in the previous year.
Earnings shrank to KWD 8.16 million ($27.02 million) in Q3-17 from KWD 12.01 million ($39.76 million) in Q3-16, according to a bourse statement issued on Tuesday.
During the first nine months of 2017, KIPCO reported KWD 22.31 million profits, 44.3% lower than KWD 40.02 million in the same period last year.
The decline in profits is attributed to lower income from the media and real estate sectors.
It is worth noting that KIPCO registered a decrease of 49.5% in profits to KWD 14.15 million during the first six months of 2017 compared to KWD 28.01 million in the same period in 2016.
At the stock level, KIPCO closed Tuesday’s session 1.73% lower at 340 fils.
