Mubasher: Kuwait Foundry Co. reported a 19.8% year-on-year decline in profit during the third quarter of 2019 to nearly KWD 158,000 ($521,400) from approximately KWD 197,000 ($650,100) in the corresponding quarter in 2018.

During the January-September 2019 period, the firm achieved a profit of about KWD 745,770 from KWD 1.16 million a year earlier, an annual decline of 34.9%.

The drop in profit was ascribed to a higher zakat and NLST tax as a result of the profit generated from the investments listed in the fair value (FV) through other comprehensive income.

Moreover, the decline is attributed to lower sales and the decreased results of a subsidiary.

In the first six months of 2019, the company’s profit went down by 39% to KWD 588,150 compared to KWD 964,870 in the year-ago period.