uwait – Mubasher: Aayan real Estate posted a decline of 9% in profits during the third quarter of 2016 as compared with the same period a year ago.
Earnings stood at nearly KWD 620,500 ($170,300) in Q3-16, compared to approximately KWD 683,700 ($187,600 in the same period a year ago, according to a bourse statement issued Sunday.
During the first nine months of 2016, profits amounted to KWD 1.01 million, 7% down from KWD 1.09 million in the same period of 2015.
The lower profits are attributed to a decrease in real estate finance revenue from a subsidiary, the company clarified.
Aayan’s stock ended Sunday up 1.67% to 61 fils, after 50 shares were exchanged.
