Kipco Q3 net profit plunges 73pc

Kuwait, November 1, 2011

Kuwait Projects Company (Kipco), the country's largest investment firm, reported a 73-per cent decline in third-quarter profit on Tuesday, after booking a one-time gain in the same period last year.

Kipco said it made a profit of KD7.1 million ($25.9 million) in the quarter ended September 30, compared with KD26.5 million a year earlier.

Last year, Kipco recorded a gain from the sale of it 39.2 per cent stake in Gulf Insurance Co. to Canada's Fairfax Financial Holding for $208.6 million.

Consolidated assets fell 3 percent to 5.49 billion in the quarter, Kipco said in a statement.

The Kuwait company did not provide third-quarter revenue figures. It said nine-month revenues decreased 9 per cent to KD265 million.-Reuters

Tags: Kuwait Projects Company |