Mubasher: First Investment reported a drop of 72% in profits during the third quarter of 2017 compared to the same period a year ago.

Earnings decreased to about KWD 140,720 ($465,890) in Q3-17 from nearly KWD 502,050 ($1.66 million) in Q3-16, according to a bourse statement issued on Monday.

During the first nine months of 2017, First Investment posted a decrease of 32.4% in profits to around KWD 484,910 from nearly KWD 717,600.

The decline in profits is attributed to “a gain on settlement of murabaha payable during the current period amounting to KWD 679,331,” the statement added.

First Investment has reported a growth of 59.7% in profits to about KWD 344,190 during the first half of 2017 compared to nearly KWD 215,550 in the same half last year.