Mubasher: Integrated Holding Co. reported a 79.6% year-on-year (YoY) decrease in profits during the second quarter of 2019.
The profits plunged to KWD 1.02 million ($3.36 million) in Q2-19 from KWD 5 million ($16.49 million) in the same period a year earlier, according to a filing to Boursa Kuwait on Thursday.
During the first half of 2019, the firm’s profits fell by 59.7% YoY to KWD 4.02 million from KWD 9.97 million during the 1H-18. The company attributed the reduction in profits to a decline in revenues due to lower rental rates, a decrease in utilisation of equipment, a delay in commencing the expected projects in Qatar and Oman, as well as maintaining manpower and equipment at normal levels in case of the demand for the equipment in the near future.
In July, capital market analyst Mohamad Manea Al Ajami expected that Integrated Holding would post a 41% YoY decline in profits during the first half of fiscal year 2019.
It is worth noting that during the first quarter of 2019, Integrated Holding’s profits decreased by 39.6% YoY to stand at KWD 3 million from KWD 4.97 million.
