Thursday, Jun 23, 2011
BEIRUT (Zawya Dow Jones)--Kuwait Investment Co., or KIC, a unit of Kuwait Investment Authority, Thursday said its first-quarter net profit dived 38% to 3.71 million Kuwaiti dinars ($13.5 million) from KWD5.99 million in the year earlier period.
Earnings per share plunged to 6.75 Kuwaiti fils from 10.90 fils in the first quarter of 2010, KIC said in a statement posted on the Kuwait bourse website.
Total assets stood at KWD248.3 million at the end of March, down 10% from KWD276 million a year earlier, according to the statement.
The bourse said in the statement that the investment's firm's shares will resume trading Sunday. KIC was one of a number of listed companies whose shares were halted from trading in May for failure to submit their first-quarter results to the bourse on time.
The sovereign wealth fund's stake in KIC is about 76.2%, while the remaining 23.8% is held by the general public, according to Zawya.com data.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
23-06-11 1344GMT
