Kipco sees 49% plunge in Q1 profit

11 May 2010

(MENAFN) A statement issued by Kuwait Projects Co (Kipco) said that the firm saw a 49 percent decline in its first-quarter net profit, Reuters reported.

Kuwait’s largest investment firm said that it made net profit of $16.32 million in the first three months to March 31, compared with $31.7 million in the corresponding period a year earlier.

Kipco’s earnings per share (EPS) in the first quarter stood at $0.014 per share, compared with $0.028 per share a year earlier, according to the statement.

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