Kuwait's KIPCO posts 20 pct Q2 net profit increase

DUBAI, July 23 Wed Jul 23, 2014 7:18am EDT

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DUBAI, July 23 (Reuters) - Kuwait Projects Co (KIPCO), the Gulf state's largest investment company, reported a 20 percent rise in second-quarter net profit on Wednesday.

Net profit in the three months to June 30 was 11.4 million dinars ($40.4 million), compared with 9.5 million dinars in the same period last year, a statement from the company said.

Arqaam Capital had expected KIPCO to make a profit of 12 million dirhams in the quarter. ($1 = 0.2824 Kuwaiti Dinars) (Reporting by David French; Editing by Olzhas Auyezov)