Mubasher: Sanad Holding Co reported a drop of 82.9% in profits during the second quarter of 2018, compared to the same period in the prior year.

Earnings shrank to nearly KWD 357,860 ($1.18 million) in Q2-18 from KWD 2.09 million ($6.91 million) in Q2-17, according to a bourse statement on Sunday.

During the first six months of 2018, Sanad registered a plunge of 81.2% in profits to approximately KWD 387,900 from KWD 2.06 million in H1-17.

Sanad noted that the drop in H1 earnings is attributed to realising no sales from exiting an associate when compared to the same half in 2017.