Mubasher: Kuwait Insurance posted a decline of 78.3% in profits during the fourth quarter of 2016 as compared to the same period of 2015.

The company posted about KWD 142,930 ($467,090) worth profits in Q4-16, compared with around KWD 660,000 ($2.2 million) in Q4-15, according to a bourse statement issued on Tuesday.

During the fiscal year of 2016, the company suffered losses of nearly KWD 594,690 against profits worth KWD 5.69 million in FY15.

Operating revenue shrank by 2.52% to KWD 23.53 million in FY16 from KWD 24.14 million in FY15.

At the stock level, Kuwait Insurance ended Tuesday lower by 1.82% to 270 fils.