Mubasher: Commercial Facilities Company announced a retreat of 15.53% year-on-year in profits during the third quarter of 2019.
The profits decreased to KWD 2.241 million during Q3-19 when compared to KWD 2.653 million a year earlier, according to a bourse statement on Sunday.
Earnings per share (EPS) decreased by 20% to 4 fils in Q3-19 from 5 fils in Q3-18.
During the first nine-month period in 2019, Commercial Facilities’ net profit hiked by 49.23% to KWD 10.752 million, compared to KWD 7.205 million a year earlier.
The company ascribed the rise in profit to higher operating and investment gains as well as a reversal in the provisions for the expected credit loss provision.
It is worth highlighting that during the first half of 2019, the company logged a profit of KWD 8.51 million, rising by 87% year-on-year from KWD 4.55 million.
