Kuwait – Mubasher: Coast Investment and Development Company’s profits jumped 3075% year-on-year in the third quarter of 2016, the company’s bourse statement on Sunday showed.
Profits reached KWD 1.44 million ($4.74 million) in Q3-16, compared with about KWD 45,360 ($149,260) during the same quarter of the previous year.
Results also showed a profit of KWD 1.11 million for the nine-month period ended 30 September, 2016, against nearly KWD 982,130 losses in the corresponding period of 2015.
The leap in profits goes back to higher profits in associates’ share of results, as well as the increase in available-for-sale investment income, the company said.
Coast’s stock declined 1.27% to 39 fils by 10:15am Kuwait time on Sunday, after 822,000 shares were exchanged at a value of about KWD 32,150.
