Mubasher: Gulf Petroleum Investment (PetroGulf) on Sunday posted a 13.4% year-on-year increase in losses for the third quarter of 2018.
Net losses amounted to KWD 1.31 million ($4.3 million) in Q3-18, compared to KWD 1.16 million ($3.8 million) in Q3-17, according to a filing to Boursa Kuwait.
For the first nine months of 2018, GPI’s losses plunged 35.5% to KWD 2.34 million, from KWD 3.63 million in the same period of the prior year.
The company attributed the loss hike to a hiatus in the drilling activities of onshore and offshore rigs.
It is worth noting that the company’s losses went down 58.7% year-on-year to KWD 1.02 million during the first half of 2018.
By 11:18 am Kuwait time, GPI’s stock rose 2.88% at 28.60 fils.
