Mubasher: Advanced Technology (ATC) on Sunday reported a 62.2% year-on-year decrease in profits during the fourth quarter of 2018.

ATC’s profits reached KWD 1.06 million ($3.50 million) in Q4-18, down from KWD 2.79 million ($9.21 million) during Q4-17, according to a statement to Boursa Kuwait.

The company’s profits tumbled 18.5% to KWD 6.64 million from January to December 2018, compared to KWD 8.16 million a year earlier.

ATC attributed the decline in 2018 profits to incurring KWD 2.4 million losses in an associate firm.

Board of directors recommended distributing a cash dividend of 15 fils per share, representing 15% of the share’s par value, for the full fiscal year 2018.