Mubasher: First Investment Company profits decreased by 36% year-on-year (YoY) during the third quarter (Q3) of 2019, according to a statement to Boursa Kuwait.
In the three-month period ended 30 September, profits registered KWD 80,110, down from KWD 124,500 in the same period last year.
During the first nine months of the year, the company achieved losses of KWD 1.65 million, against profits of KWD 778,930 for the same period in 2018, which came due to losses in a potential selling of an investment for a sister company, as well as lower revenues from dividends.
Lawsuits provisions of KWD 1.63 million were another pressuring factor on the company’s profitability during the nine-month period.
