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KGL Logistics’ profit goes down 19% in Q1

KGL Logistics’ profit goes down 19% in Q1
The company’s profits reached KWD 1.68 million in Q1-19
LOGISTICS
LOGISTICS
4.26% 31.80 1.30

Mubasher: KGL Logistics announced an 18.6% year-on-year decrease in profits during the first quarter of 2019.

The company’s profits reached KWD 1.68 million ($5.54 million) in Q1-19, down from KWD 2.07 million ($6.82 million) during Q1-18, according to a statement to Boursa Kuwait on Wednesday.

The Kuwaiti logistics services provider ascribed the decrease in Q1-19 profits to a decline in the industrial activity.

Operating revenues slumped 21% to KWD 8.03 million from January to March, against KWD 10.16 million in Q1-18,

In 2018, KGL Logistics’ profits inched down 0.34%, reaching KWD 5.93 million, compared to KWD 5.95 million a year ago.