Kuwait projects tumbles most since 2009 before earnings release

Kuwait Projects Co., the country’s biggest privately owned investment firm, slumped the most in more than two years before the bourse said the company posted a 73 percent drop in third-quarter earnings.

The shares tumbled 7.1 percent, the most since March 2009, to 325 fils at the 12:30 p.m. close in Kuwait City.

The company’s third-quarter net income decreased to 7.1 million dinars ($25.8 million) from 26.5 million dinars the year earlier, according to the statement.