Mubasher: Coast Investment and Development achieved an increase of 58.8% in profits during the fourth quarter of 2017 compared to the same period in the prior year.

Earnings grew to KWD 1.52 million ($5.08 million) in Q4-17 from KWD 957,000 ($3.2 million) in Q4-16, according to a bourse statement on Thursday.

During the fiscal year 2017, Coast Investment posted a rise of 5.3% in profits to KWD 2.18 million from KWD 2.07 million in the previous fiscal year.

The increase in FY17 profits is attributed to a realisation of an income from evaluating foreign exchange, the statement showed. 

Coast Investment’s board members recommended distributing no dividends for FY17.