The United Projects Company for Aviation Services (UPAC) posted a year-on-year decline of 22.5% in profits during the second quarter of 2019.
From April to June 2019, UPAC registered KWD 2.19 million ($12.73 million) worth of profits, compared to KWD 2.83 million ($9.31 million) in Q2-18, according to a bourse disclosure on Sunday.
During the first half of 2019, the company posted a decrease of 16.41% in profits to KWD 4.23 million from KWD 5.06 million in the corresponding period last year.
UPAC has ascribed the decrease in H1 profits to lower revenue and higher costs of new projects.
Total operating revenues amounted to KWD 6.68 million in H1-19, down 5.89% when compared to KWD 7.09 million in the same six months a year earlier.
It is noteworthy that during the first quarter of 2019, UPAC posted a decline of 8.5% in profits to KWD 2.04 million from KWD 2.23 million in Q1-18.