Kuwait – Mubasher: Kuwait Projects Holding (Kipco) on Wednesday reported a 62.4% drop in its profits for the first quarter of 2017, compared to Q1-16.
Profits stood at KWD 5.07 million ($16.63 million) in Q1-17, compared to KWD 13.50 ($44.28 million) in Q1-16, according to a filing to Boursa Kuwait.
The company attributed the decline in Q1-17 profits to the increase in costs of the media, hospitality, and real estate sectors.
Net operating profits reached KWD 23.59 million in Q1-17, compared to KWD 40.11 million in the corresponding period in the year earlier, showing a decrease of 41.2%.
Total assets remained stable at KWD 10 million in Q1-17 as at the end of the same period in the year before.
The Kuwait-listed company had previously reported a 11.11% decrease in its profits reaching KWD 45.54 million in 2016, compared to KWD 51.25 million in 2015.
The stock closed stable at 415 fils on Wednesday.
