Kuwait's KIPCO positive on second half; Q2 profit up 0.9 pct
Kuwait Projects Company (KIPCO), the country's largest investment company, said it was positive about its outlook for the latter half of 2012 after reporting a 0.9-percent increase in second-quarter net profit on Sunday.
Net profit in the three months to June 30 rose to 8.58 million dinars ($30.42 million), a bourse statement said, compared to 8.50 million dinars in the same period last year.
KIPCO said its financial services business was showing improvements while its real estate and media sectors were also meeting the company's expectations for 2012.
KIPCO's shares closed at 0.36 dinars on the Kuwait stock exchange on Thursday, trimming year-to-date gains to 23.9 percent. The stock has vastly outperformed the main Kuwait index , which was down 1.6 percent as investor confidence ebbed due to the country's ongoing political turmoil and its impact on the economy.