Kuwait-Mubasher: Gulf Petroleum Investment (Petrogulf) saw a positive turn in financials of the first quarter in 2016, versus losses in the corresponding period in 2015, according to a bourse statement.
Petrogulf recorded profits worth KWD 4.28 million ($14.19 million) in Q1-16, against losses worth KWD 1.45 million ($4.81 million) in Q1-15.
The KSE-listed firm clarified that the increase in Q1 profits was due to an agreement with creditor parties to use KWD 7.96 million of credits owed to them in the capital raise.
Petrogulf was the most active stock in Sunday’s session, as 20.74 million shares were traded with a value of nearly KWD 955,100. The stock rose 1.11% to 45.5 fils.
