Kuwait Projects Co, the country's biggest investment company by assets, posted a second-quarter net profit decline of 56.5 percent, but said it was confident about progress for the rest of 2009.
KIPCO said it had booked provisions of 28.4 million dinars, but it was not immediately clear if the provisions reported in a KIPOCO statement were made in the second quarter or the six months to June 30.
Net profit for the quarter amounted to 12.4 million dinars ($43.17 million), it said. The figure, a decline from the corresponding period in 2008, is a rise of 34.7 percent compared to that of the first quarter of 2009.
Our second quarter performance shows excellent progress on the first quarter of this year. These results have been achieved despite having to make increased prudential provisions across our group, Vice Chairman Faisal al-Ayyar said in the statement.
The group continues to perform well in difficult market conditions and we are confident about our progress for the remainder of the year.
Net profit in the first half to June 30 amounted to 21.6 million dinars, compared to 58.5 million dinars in the same period a year earlier.
Total revenue for the first six months of 2009 amounted to were 230.6 million down from 261.86 million for the same period in 2008.
(Reporting by Rania El Gamal; Writing by by Inal Ersan)