Mubasher: The United Projects Company for Aviation Services (UPAC) reported a decrease of 8.5% in profits during the first quarter of 2019 compared to the corresponding period a year earlier.

Profits shrank to KWD 2.04 million ($6.73 million) in Q1-19 from KWD 2.23 million ($2.23 million) in Q1-18, according to a bourse statement on Tuesday.

UPAC added that the decline in Q1 profits is attributed to lower revenues after gross operating revenue fell by 9.4% on an annual basis.