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Kuwaiti listed firms total Q1 profits fall 7% - Report

Kuwaiti listed firms total Q1 profits fall 7% - Report
Total Q1 earnings hit KWD 427 million - (Photo Credit: Arabianeye - Reuters)

Kuwait - Mubasher: Aggregate earnings of 151 Kuwaiti listed companies declined in the first quarter of 2016 by 7% year-over-year to KWD 427 million ($1.4 billion), said Watani Investment Company (NBK Capital) in a research note.

Meanwhile, aggregate losses widened during the same span by 48% year-on-year to KWD 12.8 million as the number of firms logged losses annually increased from 20 to 27 ones, Watani added.

The banking sector was a big driver behind weaker profits after registering a slide of 8.5% in the first quarter.

Moreover, real estate and financial service companies generated the lowest total profits with a decline of 18% and 36% respectively.

The downturn of oil prices from $100 a barrel has left negative impacts on companies' profitability, said the firm, adding that indicators further suggested a slowdown in the non-petroleum activity.