Mubasher: Aviation Lease and Finance (Alafco) has reported a decline of 89.2% in profits during the fourth quarter ended on 30 September 2018 compared to the same period in the previous year.

Earning shrank to KWD 1.75 million ($5.78 million) in Q4 ended on 30 September 2018 from KWD 16.25 million ($53.66 million) in the same quarter a year ago, according to a disclosure on Monday.

During the fiscal year ended on 30 September 2018, Alafco reported a rise of KWD 33.18 million compared to KWD 32.82 million in the same period ended on 30 September 2017.

The board members of Alarfco have recommended a cash distribution of 10% of capital or 10 fils per share for fiscal year ended on 30 September 2018.

At stock level, Alafco closed Monday’s session 0.27% lower at 390 fils.