Mubasher: Kuwait and Gulf Link Transport (KGL)  has succumbed to losses in the fourth quarter of 2018, against generating a profit during the year-ago period.

KGL’s losses reached KWD 379,890 ($1.25 million) in Q4-18, against a profit of KWD 7.78 ($25.63 million) during Q4-17, according to a bourse filing on Monday.

The company’s profits slumped 67.99% to KWD 3.45 million from January to December 2018, compared to KWD 10.79 million in 2017.

KGL ascribed the large decrease in 2018 earnings to a drop in industrial activity growth.

KGL’s board of directors recommended to distribute KWD 1.39 million, representing 5% of its capital, as cash dividends for the FY2018.