Mubasher: Mabanee Company reported a decline in profits in the third quarter of 2017 by 1.6% year-on-year, as shown by the company’s financial statements.

Profits reached KWD 12.1 million ($39.9 million) in Q3-17, compared to around KWD 12.3 million ($40.6 million) for the same period the year before, the company said in a statement to Boursa Kuwait on Wednesday.

As for the first nine months of the year, profits registered an increase of 0.74% to KWD 36.7 million from KWD 36.4 million for the corresponding period in 2017.

The company attributed the slight rise increase in profits during the nine-month period to lower finance costs.