Kuwait – Mubasher: Mabanee Co posted a decline of 1.5% in profits during the third quarter this year as compared to the same period in 2015.
Earnings decreased to KWD 12.11 million ($39.84 million) in Q3-16 from KWD 12.29 million ($40.43 million) in Q3-15, according to a bourse statement issued Monday.
During the nine-month period, profits retreated 0.33% to KWD 36.48 million as compared with KWD 36.6 million in the same period a year ago.
The decline in profits was attributed to lower revenue from advertising services, Mabanee clarified.
On the stock level, Mabanee rose 1.23% to 820 fils by the end of Monday’s session after about 175,600 shares were traded at a value of about KWD 144,000.
