Mubasher: Kuwait Cement reported a decline of 37.1% in profits to KWD 4.38 million ($14.48 million) in the second quarter this year compared to KWD 6.96 million ($23.01 million) in the same quarter a year ago.
In the first half of 2017, the company posted a fall of 17.9% in profits to KWD 9.98 million compared to KWD 12.16 million in H1-16, according to a bourse filing issued on Wednesday.
The decrease in profits is attributed to a higher finance cost to the consolidated income statements by KWD 154,430, as well as a drop of KWD 3.5 million in gross profit.
In the first quarter of 2017, Kuwait Cement recorded a rise of 7.7% in profits to KWD 5.6 million compared to KWD 5.2 million in Q1-16.
At the stock level, the company closed Wednesday’s session 0.48% lower at 418 fils.
