Kuwait – Mubasher: Mezzan Holding reported a decline of 15.5% in net profits during the third quarter of 2016 as compared to the same period in 2015.

Net earnings decreased to KWD 3.1 million ($10.22 million) in Q3-16 from KWD 3.67 million ($12.1 million) in Q3-15, the company said in a recent statement.

Revenue stood at KWD 47.7 million in Q3-16, 3% higher from Q3-15.

During the nine months of 2016, profits fell 16.7% to KWD 13.5 million from KWD 16.2 million in the same period a year ago. 

Mezzan’s revenues grew 3.6% to KWD 156.2 million in nine months.

“Our market outlook for the next four quarters is conservative given the predominant market dynamics, however being a consumer company with 80% of our portfolio comprises consumer and household staples we are well positioned to continue our healthy performance in this resilient and defensive sector,” Mezzan Holding CEO, Garry Walsh, said according to the recent statement.