Kuwait – Mubasher: The financial statements of Hits Telecom reported profits during the third quarter of 2016 versus losses in the same period a year ago.

Earnings reached about KWD 484,340 ($1.6 million) in Q3-16 against losses of about KWD 200,310 ($660,940) in Q3-15, according to a bourse statement issued Tuesday.

During the first nine months this year, Hits Telecom posted profits worth nearly KWD 588,030 which is 12.7% lower from about KWD 673,350 in the nine months of 2015.

The company, which is listed on both KSE and DFM, said that the lower profits in the nine months resulted from higher cost of sales.

On the stock level, Hits Telecom ended Tuesday’s session at 41.5 fils at KSE, while it reached AED 0.521 at DFM.