Mubasher: Mezzan Holding posted a decline of 1.1% to KWD 5 million ($16.54 million) in the second quarter of 2016, while net profits attributable to equity holders of the parent company fell by 31.6% to KWD 4.8 million ($15.88 million) in Q2-16, according to an issued statement.

The Kuwaiti company reported a 2.4% increase in revenues to KWD 52.8 million ($17.50 million) for the second quarter of 2016 as compared to the same period in 2015.

Thus, the year-to-date revenues grew by 3.9% to KWD 108.5 million ($359.62 million) versus the first half of 2015.

“Our full year outlook on underlying performance remains the same with high single digit and low double digit revenue growth, with some leverage on the Net Profit line, which is in line with the targets we set at the beginning of the year. We expect to see a stronger second half to the year as new business comes on stream and we begin to lap the Catering declines in the second half of 2015,” CEO of Mezzan Garry Walsh said.