Mubasher: Kuwait Resorts (Muntazahat) posted a decline of 11.7% in profits during the second quarter of 2017 compared to the same period a year ago.
Earnings shrank to about KWD 494,660 ($1.64 million) in Q2-17 from nearly KWD 560,240 ($1.85 million) in Q2-16, according to a bourse statement issued on Monday.
During the first six months of 2017, profits decreased by 16% to KWD 1.05 million from KWD 1.25 million in H1-16.
The drop in profits resulted from lower operating revenues, despite the decrease in finance, administrative, and general expenses, according to the statement.
In the first quarter this year, profits fell by 19.6% to approximately KWD 553,900 compared to nearly KWD 688,500 in the same quarter a year ago.
At the stock level, Muntazahat closed Monday’s session at 78.9 fils.
