Kuwait – Mubasher: National Industries Company's (NIC) profits retreated 57.24% year-on-year in the third quarter of 2016.
The company recorded KWD 828,843 ($2.7 million) in Q3-16, compared to KWD 1.938 million ($6.4 million), according to a bourse filing on Monday.
The Kuwait-listed firm's profits declined 49.2% to KWD 3.496 million in the first nine months of 2016 from KWD 6.9 million in the same period of the previous year.
Lower Q3 profits were attributed to lower total value of sales and higher cost of production, the statement said.
