Kuwait – Mubasher: Yiaco Medical Company posted a plummet of 76.1% in profits during the first quarter of 2017, compared to the same period of the previous year.

Earnings shrank to nearly KWD 66,450 ($216,940) in Q1-17 from approximately KWD 277,730 ($906,730) in Q1-16, according to a bourse statement issued on Sunday.

Yiaco clarified that the drop in Q1 profits resulted from a lower profit margin of the sales by the health ministry of Kuwait, as well as the impact on some expenses due to restructuring.