Kuwait – Mubasher: Yiaco Medical suffered losses during the third quarter of 2016 against profits achieved in the same period a year ago.
Losses amounted to nearly KWD 541,570 ($1.78 million) in Q3-16 versus profits worth about KWD 112,440 ($370,270) in Q3-16, according to a bourse statement issued Wednesday.
During the first nine months of 2016, the company suffered KWD 2.41 million losses against profits standing at about KWD 751,920 in the same period of 2015.
The negative turn in Q3 financials is attributed to lower profit margin from health ministry sales as well as creating provisions to face current and future possible losses, according to the statement.
