Mubasher: United Projects Company for Aviation Services (UPAC) registered a drop of 3.9% in profits during the fiscal year (FY) ended on 31 December 2019.
Profits for the period declined to KWD 9.33 million, compared to KWD 9.71 million in 2018, according to a stock exchange filing on Sunday.
The lower annual profit is ascribed to an increase in amortisation expenses for a subsidiary and a decrease in the company’s operating revenue.
Over the fourth quarter (Q4) of 2019, the company’s earnings fell by 13.5% to stand at KWD 1.89 million from KWD 2.19 million in Q4-18.
It is worth pointing out that in the first nine months of the last year, UPAC's profits slipped by 1.1% to KWD 7.44 million.
