Mubasher: Mannai Corporation reported a 50.7% year-on-year drop in profits for the third quarter of 2018.

Net profits amounted to QAR 54.4 million in Q3-18, compared to QAR 110.3 million in Q3-17, according to the company’s statement to the Qatar Stock Exchange (QSE) late on Tuesday.

For the first nine months of 2018, profits of the Qatar-based company fell to QAR 221.4 million, from QAR 276.8 million in the same period of the prior year.

Earnings per share (EPS) recorded QAR 4.85 for the nine-month period ended September, versus QAR 6.07 for the same period the year before.

It is worth mentioning that the company’s profits declined 1% year-on-year to QAR 166.98 million during the first half of 2018.

By 09:38 am Qatar time, Mannai’s stock stood at QAR 59.