UPDATE 1-Kuwaiti KIPCO profit down 49 pct, stays cautious | Reuters
Kuwait Projects Co (KPRO.KW) (KIPCO), the country's largest investment firm, reported a 49 percent fall in first-quarter net profit, and said it sees a meaningful recovery by the end of the year.
KIPCO made net profit of 4.7 million dinars ($16.3 million) in the three months to March 31, down from 9.2 mln dinars in the previous year.
"There are signs of improvements in some of our business sectors. However, we remain cautious and will continue to be conservative until these early signs of recovery translate into sustained growth, which we expect by year end," chief operating officer Samer Khanachet said on Monday.
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