Mubasher: Kuwait and Gulf Link Transport (KGL) announced a 61.66% year-on-year drop in profits of the first quarter of 2019.

KGL’s profits amounted to KWD 553,400 ($1.8 million) in Q1-19, down from KWD 1.4 million ($4.6 million) during Q1-18, according to a statement to Boursa Kuwait on Wednesday.

The decline in Q1-19 profit was attributed to a decrease in the industrial activity.

Operating revenues slumped 30.97% to KWD 13.51 million from January to March, against KWD 19.57 million in Q1-18.

In 2018, KGL’s profits plunged 68% to KWD 3.45 million, compared to KWD 10.79 million in 2017.