Kuwait – Mubasher: Acico Industries registered a drop of 83% in earnings during the third quarter of 2016 as compared to the same period in the past year.

Profits reached about KWD 21,390 ($70,560) in Q3-16, compared with nearly KWD 125,450 ($413,790) in Q3-15, according to a bourse statement issued Wednesday.

During the first nine months of 2016, Acico posted yields worth KWD 5.04 million as compared to KWD 5.98 million in the same period a year ago; a year-on-year decline of 15.7%.

Acico noted that the fall in profits resulted from lower earnings in the real estate and hotels sectors, the statement added