Americana’s profits tumble 19% in Q3

Americana’s profits tumble 19% in Q3
Profits plunged to KWD 16.65 million in Q3-17, from KWD 20.48 million in Q3-16, according to a bourse filing
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Mubasher: Kuwait Food – Americana on Thursday said its profits levelled down 18.7% year-on-year in the third quarter of 2017.

Profits stood at KWD 16.65 million ($55.13 million) in Q3-17, compared to KWD 20.48 million ($67.81 million) in Q3-16, according to a statement to Boursa Kuwait.

The Boursa-Kuwait listed-firm’s profits edged up 0.5%, reaching KWD 44.9 million from January until September 2017, compared to KWD 44.7 million in the corresponding period in the year before.

The company attributed the rise in its profits in the nine-month period to rationalising sales’ and marketing expenses, and a decrease in operating costs.