Gulf Cable, MEW ink KWD 1.6m lead cables supply deal

Gulf Cable, MEW ink KWD 1.6m lead cables supply deal
Gulf Cable, MEW ink KWD 1.6m lead cables supply deal
CABLE CABLE -0.63% 475.00 -3.00

Kuwait – Mubasher: Gulf Cable and Electrical Industries has signed a contract with the Ministry of Electricity and Water (MEW) at KWD 1.6 million.

This contract was signed between both parties for supplying lead cables, the firm said in a filing to Boursa Kuwait on Thursday.

The company forecasted to achieve estimated operating profits of 5% of the value of demand.

The financial impact of this agreement will reflect the financial results of the fourth quarter of 2017 and the first quarter of 2018, Gulf Cable notes.

The firm’s profits fell 15.5% to KWD 1.09 million in Q2-17, compared to KWD 1.29 million in the prior-year period.

Gulf Cable’s stock closed Thursday’s trading session 4.19% down o 480 fils, with a turnover of KWD 79,800 as 165,700 shares were traded.

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Source: Mubasher

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