Mubasher: Gulf Cable and Electrical Industries has received a purchase order worth $19.39 million (KWD 5.9 million) from Hyundai Heavy Industries, the world's largest shipbuilding company that is headquartered in South Korea.

The operating profit from this order is estimated at 3% of the purchase order’s value or $582,000 which is a percentage that can be modified based on the market conditions, Gulf Cable said in a bourse filing disclosed on Thursday.

The financial impact will be registered in Gulf Cable’s income statements of the fourth quarter of 2017 and the first two quarters of 2018.

At the stock level, Gulf Cable closed Thursday’s session 0.5% higher at 413 fils.