Kuwait – Mubasher: Nafais Holding posted a drop of 55.2% in profits of the second quarter this year versus the same period a year ago.
The company’s earnings grew to KWD 1.61 million ($5.33 million) in Q2-16 compared with KWD 3.59 million ($11.88 million) in Q2-15, the Kuwaiti company said in a bourse filing.
Over the first half of 2016, profits reached KWD 3.41 million, 41.6% down from KWD 5.84 million in the same half last year.
The decline in profits resulted from higher operating expenses as well as general and administrative expenses, the company clarified.
