Mubasher: Al Mazaya Holding reported a decline of 31.4% in profits during the second quarter of 2018 compared to the same period in the prior year.
Earnings shrank to KWD 1.55 million ($5.12 million) in Q2-18 from KWD 2.26 million ($7.47 million) in Q2-17, according to a bourse statement on Monday.
During the first half of 2018, Al Mazaya registered a plunge of 30.5% in profits to KWD 2.9 million from KWD 4.2 million in H1-17.
Al Mazaya, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), clarified that the decline in H1 profits is attributed to delivering more real estate units during the first half of 2017 compared to the same period in 2018.
Net operating revenues shrank by 19.2% to KWD 2.92 million in H1-18 from KWD 3.62 million in H1-17.
Total assets decreased by 8.6% to KWD 221.24 million by the end of June 2018 compared to KWD 242.13 million in H1-17.
