Mubasher: Shuaiba Industrial Company posted a drop of 26.5% in profits during the second quarter of 2017 compared to the same period a year ago.
Earnings decreased to about KWD 477,950 ($1.58 million) in Q2-17 from nearly KWD 650,440 ($2.15 million) in Q2-16, according to a bourse statement issued on Sunday.
During the first six months of 2017, profits fell by 13.3% to KWD 1.11 million from KWD 1.28 million in the same half a year ago.
The drop in profits is attributed to lower net revenues from sales, as well as lower operating profits, the statement noted.
In the first quarter of 2017, Shuaiba reported a gain of 0.4% in profits to approximately KWD 632,050 from around KWD 629,560 in Q1-16.
