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Automated Systems posts lower profits in Q4

Automated Systems posts lower profits in Q4
Automated Systems stock ended Thursday higher (Photo Credit: Arabianeye-Reuters)
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Mubasher: Automated Systems reported a drop of 41.3% in profits during the fourth quarter of 2016, compared to the same period a year ago.

Earnings shrank to KWD 333,000 ($1.09 million) in Q4-16 from KWD 567,000 ($1.85 million) in Q4-15.

During fiscal year 2016, profits grew by 22.8% to KWD 1.67 million from KWD 1.36 million in FY15, the statement added.

At the stock level, Automated Systems ended Thursday 4.92% higher with 320 fils.