PHOTO
DUBAI, Oct 26 (Reuters) - Kuwait Projects Co
KPRO.KW
(KIPCO), the Gulf state's largest listed investment company, reported a 2 percent rise in third-quarter net profit on Wednesday.
The firm made a net profit of 12.0 million dinars ($39.6 million) in the three months to Sept. 30, up from 11.8 million dinars in the year-earlier period, it said in a bourse filing.
KIPCO is a regional investment house with interests in media, industrials, finance and real estate.
The company said in a separate emailed statement it had recently repaid a $500 million bond, issued in 2009, with the repayment to result in an annual interest saving of around 6 million dinars.
Construction had begun on its $2.0-$2.5 billion real estate project in Kuwait, which has been downsized by around half from its original estimated cost, Tawfiq al-Jarrah, executive director of the Hessah Al Mubarak scheme, said at a press conference on Sept. 25.
The mixed-use project, previously valued at $5 billion, was scaled down after an earlier estimate did not take into account the area for infrastructure and services required by the government, Jarrah said at the time.
($1 = 0.3032 Kuwaiti dinars)
(Reporting by Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
The firm made a net profit of 12.0 million dinars ($39.6 million) in the three months to Sept. 30, up from 11.8 million dinars in the year-earlier period, it said in a bourse filing.
KIPCO is a regional investment house with interests in media, industrials, finance and real estate.
The company said in a separate emailed statement it had recently repaid a $500 million bond, issued in 2009, with the repayment to result in an annual interest saving of around 6 million dinars.
Construction had begun on its $2.0-$2.5 billion real estate project in Kuwait, which has been downsized by around half from its original estimated cost, Tawfiq al-Jarrah, executive director of the Hessah Al Mubarak scheme, said at a press conference on Sept. 25.
The mixed-use project, previously valued at $5 billion, was scaled down after an earlier estimate did not take into account the area for infrastructure and services required by the government, Jarrah said at the time.
($1 = 0.3032 Kuwaiti dinars)
(Reporting by Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
