Mubasher: Kuwait and Gulf Link Transport (KGL) reported that its profit dropped by 66.9% year-on-year in the third quarter of this year, the company’s financial results showed on Wednesday.

Net profit attributable to KGL owners totalled KWD 407,041 ($1.342 million) in Q3-19, compared with KWD 1.231 million in Q3-18, according to a statement to Boursa Kuwait.

Assuming dilution, this meant KWD 1.48 in earnings per share (EPS), down from KWD 4.44 a year ago.

This was mainly ascribed to a slower industrial activity during the reported period.

However, total operating revenue rose by 2.27% to KWD 15.616 million from July to September, compared with KWD 15.269 million a year ago.

For the first three quarters of this year, KGL generated KWD 1.291 million in net profit, a 66.32% slump from KWD 3.832 million in the same three quarters of the preceding year.

KGL posted a net profit of KWD 883,770 over the first half of this year, plunging by 66.01% year-on-year from 2.600 million.