Kuwait Projects Company (Kipco), the country's biggest investment company by assets, posted a second-quarter net profit decline of 56.5 per cent, but said it was confident about progress for the rest of 2009.

It said it had made provisions of 28.4 million dinars, but the timeframe was not clear from the earnings statement it published on Saturday.

Net profit for the quarter fell to 12.4 million dinars ($43.17 million) from 28.5 million in the year earlier period, it said.

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, Kipco said in a statement on Saturday.-Reuters