Mubasher: Acico Industries, listed on Boursa Kuwait, has reported it turned to losses in the second quarter of 2019 as compared to the same quarter of 2018.

Losses amounted to KWD 768,730 ($2.53 million) in Q2-19, against profits of KWD 303,000 (997,000), according to a bourse filing.

In the first half of 2019, the company has achieved profits of KWD 571,270, down 80.7% from KWD 2.96 million in H1-18.

The decline in H1-19 profits was due to a plunge in the hospitality sector in Dubai that negatively impacted the company with a slump of KWD 318,000.

Moreover, the company indicated that its affiliated companies have also posted a decrease of KWD 954,000 in profits, which delayed the construction of some projects that were expected to be done by the end of 2019.

It is worth noting that Acico Industries previously posted a 50% drop in profits for Q1-19, recoding KWD 1.34 million, compared to KWD 2.66 million in Q1-18.