Mubasher: Integrated Holding Co posted a decline of 39.6% in profits during the first quarter of 2019 compared to the same three months last year.

Profits shrank to KWD 3 million ($9.89 million) in Q1-19 from KWD 4.97 million ($16.38 million in Q1-18, according to a bourse filing on Tuesday.

The drop in Q1 profits is attributed to a delay in commencing new projects in Qatar and Duqm Area in Oman.