Kuwait – Mubasher: The Securities House achieved a net profit worth about KWD 578,230 ($1.9 million) in the third quarter of 2016 against losses of KWD 1.17 million ($3.84 million) in Q3-15.
During the nine-month period, profits shrank by 85.8% to nearly KWD 454,660 as compared to KWD 3.2 million in the corresponding period a year ago, the company said in a bourse statement issued on Wednesday.
The decrease in profits was due to lower income from the suspended business of almost KWD 11.2 million as well as unrealized losses from financial investments, the company said, adding to that losses in the investment value by nearly KWD 6.1 million from associates.
