Mubasher: Kuwait Investment registered a decline of 8.1% in profits during the second quarter of 2018 compared to the same period in the prior year.
Earnings narrowed to KWD 2.72 million ($9 million) in Q2-18 from KWD 2.96 million ($9.8 million) in Q2-17, according to a bourse statement on Monday.
Durinf the period between January and June, Kuwait Investment posted a drop of 15.3% in profits to KWD 6.53 million from KWD 7.71 million in the first half of 2017.
Kuwait Investment clarified that the decline in H1 profits is attributed to lower income from credit provisions in Q2-18, in addition to higher general and administrative expenses.
It is noteworthy that in Q1-18, Kuwait Investment registered a fall of 19.8% in profits to KWD 3.81 million from KWD 4.75 million in Q1-17.
