Mubasher: Livestock Transport and Trading reported a plunge of 90% in profits during the fourth quarter of 2017 compared to the same period a year ago.

Earnings shrank to KWD 133,000 ($444,400) in Q4-17 from KWD 1.33 million ($4.44 million) in Q4-16, according to a bourse statement on Thursday.

The Kuwait-based firm reported a drop of 33.2% in profits to KWD 2.6 million in fiscal year 2017 compared to KWD 3.89 million in the previous fiscal year.

The decline in FY17 profits is attributed to higher operating costs due to an increase of 30% in the prices of livestock.

The board member recommended a cash dividend of 5% or 5 fils per share for FY17.