Kuwait – Mubasher: Mubarrad Transport posted a drop of 27.4% in profits of the second quarter of 2016 as compared to the same period of 2015.

Earnings reached about KWD 295,840 ($978,570) in Q2-16 versus around KWD 407,500 ($1.35 million) in Q2-15, according to a bourse statement.

During the first half of 2016, profits plunged by 80.2% to KWD 590,820 compared with KWD 2.99 million in H1-15.

The decrease in profits resulted from lower revenues and higher financing costs, the company clarified.

Mubarrad stock ended Sunday’s session rising 1.7% to 60 fils after about 75,250 shares were exchanged at a value of nearly KWD 4,440.