Mubasher: Alafco Aviation Lease and Finance Company posted a 58.2% year-on-year decline for the nine-month period ended 30 June 2019.
Profits amounted to KWD 13.135 million ($43.22 million) at the end of June, versus KWD 31.432 million ($103.42 million) in the corresponding period last year, according to a bourse filing released on Sunday.
The company attributed the decrease in profits to the provision for doubtful debts and lower non-recurring income.
In May, Alafco announced it had achieved profits of KWD 4.81 million in the three-month period ended 31 March 2019, versus KWD 17.59 million in the same period a year earlier.
In the first half of fiscal year 2018/2019 ended 31 March, Alafco reported a 64% drop in profits to KWD 9.25 million, compared to KWD 25.37 million in the six-month period ended 31 March 2018.
