Kuwaiti conglomerate National Industries Group Holding, an affiliate of family-owned Kharafi Group, said on Tuesday second-quarter net profit fell by 40.6 percent.

Net profit in the three months to June 30 was KD58.4 million ($218.3 million), compared with KD98.29 million in the same period a year earlier, Kuwait’s largest construction materials firm by market value said in a statement on the Kuwait bourse website.

The firm did not say why profit fell. Earnings per share was 46 fils per share in the second quarter, compared with 79 fils per share in the year-earlier period.  There are 1,000 fils in one dinar.-Reuters