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Advanced Technology’s profit shrinks 71% YoY in Q3-19

Advanced Technology’s profit shrinks 71% YoY in Q3-19
ATC’s net profit dropped to KWD 2.24m in 9M/19
ATC
ATC
-4.10% 398.00 -17.00

Mubasher: Advanced Technology (ATC) has reported a 70.87% year-on-year profit decline during the third quarter of the fiscal year 2019.

The company’s profit dropped to KWD 508,330 ($1.68 million) in Q3-19, compared to KWD 1.75 million ($5.77 million) in the year-ago period, according to a bourse statement released on Tuesday.

In the first nine months of 2019, ATC’s net profit dropped 60% YoY to KWD 2.24 million, from KWD 5.59 million a year earlier. 

The Boursa Kuwait-listed company’s net operating profit went down by 12.76% YoY to KWD 9.58 million in the nine-month period ended 2019.