Kuwait-Mubasher: Gulf Cable and Electrical Industries posted a plunge of 59.8% to KWD 3.57 million ($11.71 million) in net profit for the first nine months of 2015, as compared to KWD 8.87 million ($29.08 million) in the corresponding period of 2014.
The Kuwaiti company clarified that the decline in profits was due to lower investment revenues and higher impairment in available-for-sale investments, according to a bourse statement.
