Mubasher: Kuwait Business Town Real Estate has sold an investment property owned by one of its subsidiaries to a third party for KWD 26 million, generating a total profit of KWD 307,912.
The group is currently undertaking necessary legal procedures to finalise the selling process, according to a stock exchange filing on Thursday.
The aforementioned profit value will reflect on Kuwait Business Town’s consolidated interim financial statements for the second quarter (Q2) of 2020.
It is worth noting that in fiscal year (FY) 2019, the group recorded an annual decrease in profits by 0.98% at KWD 2.45 million ($8.06 million), compared with KWD 2.48 million ($8.13 million).
