Abu Dhabi – Mubasher: Al Khaleej Investment (Kico) posted a decline in profits to AED 7.73 million ($2.10 million) during the second quarter of 2017 compared to AED 7.43 million ($2.11 million) in the same period a year ago.
The decrease in Q2 net earnings resulted from higher administrative and general expenses; the latter increased by 30% to AED 1.83 million, according to a bourse statement issued on Thursday.
The cost of rent surged 12.75%, while rental revenues increased by 1.9% to AED 7.1 million.
During the first six months of 2017, profits rose by 27.4% to AED 14.45 million from AED 11.34 million in H1-16, the statement added.
In the first quarter of 2017, Kico registered a growth of 65.85% in profits to AED 6.8 million ($1.85 million) from AED 4.1 million ($1.12 million) in Q1-16.
