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Boubyan Petrochemical Q4 profits shrink 54%; dividends proposed

Boubyan Petrochemical Q4 profits shrink 54%; dividends proposed
Gross operating revenues totalled KWD 62.02 million
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Mubasher: Boubyan Petrochemical registered a decline of 54.04% in profits during the fourth quarter that ended on 30 April 2018 compared to the same period in 2017.

Earnings shrank to KWD 4.16 million ($13.82 million) in Q4 ended on 30 April 2018 compared to KWD 9.04 million ($30.02 million) in the same quarter a year ago, according to a bourse statement on Sunday.

During the fiscal year that ended on 30 April 2018, Boubyan Petrochemical posted a drop of 48.5% in profits to KWD 5.46 million when compared to KWD 10.40 million in the same period a year ago.

Gross operating revenues totalled KWD 62.02 million in the fiscal year ended on 30 April 2018, 32% higher when compared to KWD 46.99 million in the corresponding period last year.

The board members of Boubyan Petrochemical recommended 45% of the capital or 45 fils per share as cash dividends for fiscal year ended on 30 April 2018.