Wednesday, Nov 02, 2011
(This story was originally published Tuesday)
BEIRUT (Zawya Dow Jones)--Kuwait Projects Co. (Holding), or Kipco, the Gulf state's largest diversified investment holding, Tuesday said third-quarter net profit plummeted 73% to 7.1 million Kuwaiti dinars ($25.8 million) from KWD26.5 million in the year earlier period.
Net profit for the first nine months fell 23% to KWD23.6 million compared with KWD30.7 million in the same period of 2010, Kipco said in an emailed statement. Nine-month earnings per share dropped to 20.02 Kuwaiti fils from 26.08 fils a year ago.
Nine-month total revenues fell 9% to KWD265 million compared with KWD290 million a year earlier but the period's operating profit rose slightly year on year by 0.2% to KWD59.1 million, according to the statement.
"Our third quarter results show that our operating companies are continuing their growth trends and make progress within their markets. For example, we are very pleased to see yet another quarter of growth from our regional banking operations and positive performances from our insurance, media and real estate companies," Samer Khanachet, Kipco's group chief operating officer, said in the statement.
"We think the fundamental strengths of the Mena region--positive demographics, abundant natural resources and under-developed markets--provide ample growth opportunities for our companies. As a result, we remain optimistic that our group will maintain its growth pattern into next year and beyond," he added.
Kipco's shares dropped 7.1% to close at KWD0.325 in an overall negative market Tuesday.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
02-11-11 0356GMT
