Mubasher: Kuwait Foundry posted a decline of 27.2% in profits during the second quarter of 2017 compared to the same period a year ago.

Earnings decreased to about KWD 413,050 ($1.37 million) in Q2-17 from nearly KWD 567,060 ($1.88 million) in Q2-16, according to a bourse statement issued on Tuesday.

In the first half of 2017, profits surged by 406% to KWD 5.87 million compared to KWD 1.16 million in H1-16.

The jump in H1 profits is attributed to higher yield from investments, the statement added.

During the first quarter of 2017, Kuwait Foundry reported a growth of 821.7% in profits to KWD 5.46 million compared to nearly KWD 592,400 in Q1-16.