Mubasher: Qurain Petrochemical Industries posted a decline of 16% in profits during the first quarter ended on 30 June 2018 compared to the same period in the previous year.

Earnings shrank to KWD 5.19 million ($17.15 million) in Q1 ended on 30 June 2018 from KWD 6.17 million ($20.38 million) in the corresponding period last year, according to an official statement.

Consolidated gross profit plunged 21% to reach KWD 14.76 million ($48.71 million) from KWD 18.60 million ($61.39 million) reported for the same period in 2017 due to the decline in sales during the period.

“Qurain is actively seeking new local and regional investment opportunities that maintain the balance of its investments portfolio,” Qurain’s chairman, Sheikh Mubarak Abdullah Al Mubarak Al Sabah, said.

Earnings per share (EPS) for the quarter stood at 5.00 fils (16.50 cents) compared to 5.93 fils (19.57 cents) during the same period a year ago.

Total assets stood at KWD 688.78 million ($2.27 billion) in the first quarter ended on 30 June 2018, compared to KWD 671.69 million ($2.22 billion) on 31 March 2018, representing a year-on-year incline of 2%.

At the stock level, Qurain closed Sunday’s session 1.19% lower at 331 fils.