Mubasher: Ajial Real Estate Entertainment reported a 27.1% year-on-year profit decline during the second quarter of 2019.
Net profits retreated to KWD 1.05 million ($3.46 million) in Q2-19, compared to KWD 1.44 million ($4.75 million) in Q2-18, the company said in a statement to Boursa Kuwait on Monday.
During the first half of 2019, the real estate developer logged a profit of KWD 1.88 million, falling by 24.2% year-on-year from KWD 2.48 million.
The drop in the six-month profit is ascribed to exceptional profit in the prior-year period.
From January to March, the company’s profits went down 20% to KWD 831,630 from KWD 1.04 million in Q1-18.
