Mubasher: Gulf Cable and Electrical Industries posted a decline of 10.6% in profits during the fourth quarter of 2018 compared to the same period a year ago.

Earnings decreased to KWD 1.01 million ($3.33 million) in Q4-18 from KWD 1.13 million ($3.73 million) in Q4-17, according to a bourse disclosure on Thursday.

During fiscal year 2018, Gulf Cable went up 2% to KWD 8.42 million from KWD 8.26 million in FY17.

The growth in annual income is attributed to higher sales.

The board members of Gulf Cable have recommended distributing 27% of the capital or 27 fils per share as dividends for FY18.