Mubasher: Kuwait Company for Process Plant Construction and Contracting (KCPC) reported a 14% year-on-year decline in profits during the first quarter of 2019.

KCPC’s profits amounted to KWD 1.15 million ($3.79 million) in Q1-19, down from KWD 1.34 million ($4.42 million) during Q1-18, according to a statement to Boursa Kuwait on Monday.

The company attributed the decline in Q1-19 profits to its plans to form an allocation for provisions. 

The total value of operating revenues fell 15.6% to KWD 20.76 million by the end of Q1-19 from KWD 24.59 million during Q1-18.

In 2018, KCPC’s profits soared 81.2% to KWD 4.24 million, compared to KWD 2.34 million a year ago.