Mubasher: National Industries reported a decline of 73.4% in profits during the second quarter of 2017 compared to the same period a year ago.
Earnings shrank to about KWD 428,240 ($1.42 million) in Q2-17 from KWD 1.61 million ($5.32 million) in Q2-16, according to a bourse filing issued on Wednesday.
During the first six months of 2017, profits decreased by 52.8% to KWD 1.26 million from KWD 2.67 million in the same half in 2016.
The drop in profits is attributed to lower sales and higher cost of sales, National Industries noted.
In the first quarter this year, the company’s profits narrowed by 21.6% to around KWD 831,760 from KWD 1.06 million in Q1-16.
