Mubasher: Automated Systems reported a drop of 28.8% in profits during the fourth quarter of 2017 compared to the same period in the previous year.

Earnings shrank to KWD 237,000 ($791,600) in Q4-17 from KWD 333,000 ($1.11 million) in Q4-16, according to a bourse filing on Tuesday.

During fiscal year 2017, profits decreased by 4.2% to KWD 1.6 million compared to KWD 1.67 million in FY16.

The drop in FY17 profits is attributed to a decline in the number of passengers’ reservations.

Board members recommended a cash dividend of 15% or 15 fils per share for FY17, the statement added.

During the first nine months of FY17, Automated Systems posted a growth of 2.2% in profits to KWD 1.37 million from KWD 1.34 million in 9M-16.