Kuwait-Mubasher: Wethaq Takaful Insurance’s profits decreased by 8.91% in the first quarter of 2016 as compared to the corresponding period in 2015, according to an issued statement.

The company’s earnings reached nearly KWD 331,390 ($1.09 million) in Q1-16 as compared to about KWD 363,800 ($1.2 million) in Q1-15.

Wethaq’s fall of Q1 profits resulted from a decline of 60.1% in gross operating revenues to approximately KWD 614,100 ($2.03 million).

Meanwhile, the net operating profits totaled about KWD 14,330 ($47,469) in Q1-16, down 94.75% from about KWD 273,070 ($904,567) in Q1-15.

On KSE’s level, Wethaq fell by 4% to settle at KWD 38 at the opening of Tuesday’s session.