Kuwait – Mubasher: Gulf Cable and Electrical Industries on Monday reported a 57.2% increase in profits for the first quarter of 2017, compared to the year-ago period.

Profits amounted to KWD 5.03 million ($16.48 million) in Q1-17 up from KWD 3.2 million ($10.49 million) in Q1-16, according to a filing to Boursa Kuwait.

The company attributed the growth in profits to a rise in revenues from investment and to suffering smaller burdens from the decline in the value of available-for-sale investments.

Gulf Cable had previously achieved profits of KWD 6.86 million in 2016, against losses of KWD 31.57 million in 2015.