Mubasher: Kuwait Cement reported a decline of 47% in profits during the first quarter of 2018 compared to the same period in the previous year.

Earnings shrank to KWD 2.97 million ($9.87 million) in Q1-18 from KWD 5.6 million ($18.6 million) in Q1-17, according to a bourse statement on Wednesday.

The drop in Q1 profits is attributed to lower income of KWD 2.16 million from investments.

At the stock level, Kuwait Cement closed Wednesday’s session 0.68% higher at 444 fils.