Mubasher: Heavy Engineering Industries and Shipbuilding Co. (HEISCO) posted a 3.6% year-on-year profit retreat during the second quarter of 2019.

HEISCO’s profits slid to KWD 2.79 million ($9.18 million) in the three-month period ended 30 June, compared to KWD 2.9 million ($9.54 million) in the year-ago period, according to a statement to Boursa Kuwait on Monday.

As for the first half of 2019, the firm logged a profit of KWD 5.44 million, increasing by 13.8% year-on-year from KWD 4.78 million.

The H1 profit growth was ascribed to lower expected credit losses on financial assets, the statement showed.

During the first quarter of 2019, HEISCO’s profits surged by 41% to KWD 2.65 million from KWD 1.88 million in the corresponding period a year earlier.