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KGL Logistics profit slides 79% in Q4-17

KGL Logistics profit slides 79% in Q4-17
Profits declined to KWD 70,000 ($234,230) in Q4-17
LOGISTICS
LOGISTICS
4.26% 31.80 1.30

Mubasher: KGL Logistics reported a drop of 79.4% year-on-year in profits for the fourth quarter of 2017.

Profits declined to KWD 70,000 ($234,230) in Q4-17, down from KWD 340,000 ($1.14 million) in the same quarter a year earlier, according to a bourse filing on Thursday.

As for the full year 2017, the logistics services provider’s profits fell 0.34% to KWD 5.95 million versus KWD 5.97 million in the prior year.  

During the first nine months of 2017, earnings increased by 4.5% to KWD 5.88 million against KWD 5.63 million in the corresponding period of 2016.

KGL Logistics' board recommended distributing bonus shares, representing 5% of the company's capital at an 5-for-100 ratio.