Mubasher: The National Industries Group Holding turned to losses during the third quarter (Q3) of the year, as shown by the company’s financial statements on Wednesday.

Losses amounted to KWD 7.39 million ($24.40 million) in Q3-19 compared with KWD 7.36 million ($24.30 million) for the same period last year.

In the nine-month period ended 30 September, profits rose by 11% year-on-year (YoY) to KWD 35.81 million, compared with KWD 32.27 million for the same period in 2018.

The rise in profits during the January to September period was attributed to increasing returns from sister companies and lower financing costs, according to the company’s statement to Boursa Kuwait.