Mubasher: Injazzat Real Estate Development, listed on Boursa Kuwait, reported a 52.8% year-on-year decline in profits for the second quarter of 2019.
Profits totalled KWD 510,000 ($1.68 million) in Q2-19, compared to KWD 1.08 million ($3.56 million) during Q2-18, according to a statement to Boursa Kuwait.
In the first half of 2019, the company logged profits of KWD 1.74 million, down 19.8% from KWD 2.17 million in H1-18.
The company attributed the drop in profits to lower rental rates due to the sale of some assets this year.
In April, Injazzat announced it had achieved profits of KWD 1.23 million in Q1-19, up 12.8% from KWD 1.09 million in Q1-18.
