Kuwait – Mubasher: Yiaco Medical on Monday reported a profit of KWD 277,700 ($924,400) in the first three months of 2016, down 54.5% year-on-year from KWD 611,100 ($2.03 million).

The profit decline was due to higher expenses in the cost of sales and lower profit margin in the company’s sales to the health ministry, the company said in a filing to the Kuwait Stock Exchange (KSE).

Yiaco previously posted a loss of KWD 7.05 million in 2015 against a profit of KWD 2 million in 2014.