Mubasher: Mezzan Holding Co registered a drop of 8.4% in profits during the second quarter of 2018 compared to the corresponding period a year ago.

Earnings shrank to KWD 1.85 million ($6.12 million) in Q2-18 compared to KWD 2.02 million ($6.68 million) in Q2-17, according to a bourse statement on Thursday.

During the first six months of 2018, Mezzan posted a decrease of 7% to KWD 6.83 million compared to KWD 7.34 million in the same half a year ago.

Mezzan clarified that the decline in H1 net profit is attributed to “an increase in finance costs and impact of changed in IFRS through newly introduced standards IFRS I5 and IFRS 9 which became effective 1 January 2018,” according to the bourse disclosure.

During the first quarter of 2018, Mezzan posted a decline of 6.2% in profits to KWD 4.99 million from KWD 5.32 million in the same quarter a year ago.

At the stock level, Mezzan closed Thursday’s session 0.14% lower at 719 fils.