Mubasher: Kuwait Finance and Investment Company (KFIC) on Sunday reported a profit surge for the third quarter of 2018.

KFIC logged KWD 122,700 ($404,000) in profits in the period between July and September, up 121% year-on-year from KWD 55,500 ($183,000), it said in a filing to Boursa Kuwait.

At the level of the first nine months of 2018, the Kuwaiti finance and investment firm's profits amounted to KWD 260,370, down 13% from KWD 299,500 in the same period of 2017.

KFIC attributed the nine-month profit fall to lower investment revenues and a decrease in asset management fees added to lower leasing revenues and higher losses from an associate.

KFIC previously posted KWD 137,600 in profits in H1-18, down 43.6% year-on-year from KWD 243,900.