Kuwait – Mubasher: Kuwait Building Materials Manufacturing Company’s profits declined in the second quarter of the fiscal year 2016 by 77.3% to KWD 31,170 ($103,000), versus KWD 136,980 ($452,530) reached in Q2-15.
In the first half of fiscal 2016, net profit also fell by 56.3% to KWD 125,950, compared to KWD 288,340 posted for the same period in 2015.
The company attributed the fall to the increase in cost of raw materials and lower production, according to a bourse filing
The company earlier posted a net profit of KWD 94,780 for Q1-16, 37.4% down from KWD 151,360 reached in Q1-15.
The stock ended today’s trading falling 4.55% to 210 fils.
