Mubasher: Kuwait and Gulf Link Transport (KGL) said that its 97% owned subsidiary, KGL Transportation Co, and its 98.9% owned unit, KGL Passenger Transport Services, secured KWD 12.54 million credit facilities from a local lender.
KGL Transportation Co’s loan amounts to KWD 7.97 million, while KGL Passenger Transport Services’ credit facility worth KWD 4.57 million, according to KGL’s statement to Boursa Kuwait on Monday.
The parent company noted that the financial impact of these loans will be realised in its annual results of the year ending on 31 December 2019.
During the first quarter of 2019, KGL’s profits slumped 61.66% to KWD 553,400, from KWD 1.4 million in Q1-18.
