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FINANCIAL NEWS
Kipco’s 9-month earnings slump to $109m
09 Nov 2010
(MENAFN) Kuwait Projects Company (Holding) announced that its net profits in the nine months ending on September 30, 2010, amounted to $109.4 million compared with $149.3 million in the corresponding period of last year, Kuna reported.
Total consolidated revenues for the nine months were $1.035 billion compared to $1.1 billion, the company said in a statement.
The company’s third quarter results reflect the positive gain from KIPCO’s sale of a stake in the Gulf Insurance Company to Fairfax Financial Holdings, according to company officials.
During the third quarter, KIPCO’s total consolidated assets increased by 0.19 percent to $18.74 billion from $18.55 billion, while shareholders’ dividends decreased by 0.1 percent to $1.91 billion from $1.89 billion in the 2009 year-end balance.
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