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FinancialNews
04-08-19
Kuwait: 36 percent decline in Alafco profit
(MENAFN) Profits of Aviation Lease and Finance Company (Alafco) in Kuwait registered a decline by 36 percent by June 2019.
Such a decrease in Alafco profits is attributed to higher provisions alongside a drop witnessed in non-recurring income.
In three months, the Kuwaiti company was revealed on Sunday to have reached 3.88 million dinars in its net income while recording a 5 percent boost in its operating revenues.
Alafco explained that "the decline in net profit is mainly due to provision recorded against doubtful debts and decline in non-recurring income compared to the previous period."
MENAFN0408201900450000ID1098842140
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