Kuwait – Mubasher: Kuwait Food – Americana saw a 10.1% increase in its profits for the first quarter of 2017.

Net profits amounted to KWD 16.73 million ($54.82 million) in Q1-17 from KWD 15.19 million ($49.77 million) in Q1-16.

The company attributed the growth in its profits to lower selling and marketing expenses, and operational costs, according to a bourse filing on Monday.

During the fiscal year of 2016, Americana’s profits increased 7% to KWD 46.97 million from KWD 43.9 million in fiscal year 2015.