Mubasher: The National Real Estate Company (NREC) posted a year-on-year decline of 21.2% in profits during the third quarter of 2019.
Profits for the period shrank to KWD 2.823 million ($9.32 million) in Q3-19 from KWD 3.581 million ($11.82 million) in the same period a year ago.
Over the first nine months of 2019, NREC registered a drop of 12.5% in profits to KWD 9.496 million from KWD 10.850 million in the corresponding period last year.
The Boursa Kuwait-listed company ascribed the decline in 9M-19 profits to lower operating revenue due to selling an asset over the year.
It is worth noting that during the first half of 2019, NREC achieved KWD 6.67 million worth of profits, 8.2% lower than KWD 7.27 million in the same six months in 2018.
