Kuwait – Mubasher: Alrai Media Group’s profits for the second quarter of 2016 declined 23.9% year-on-year to KWD 1.59 million ($5.25 million) from KWD 2.09 million ($6.9 million), according to a bourse filing.

This downfall is driven by the local advertising market’s sluggish stream in general, the company said.

On a six-month basis, the company registered KWD 2.94 million profits, which are 21.6% lower than the year-ago half that saw KWD 3.75 million profits.

During the first quarter of the same fiscal year, its profits fell by 18.7% year-over-year to KWD 18.7% from KWD 1.66 million.

On Thursday, the stock quote ended the session 1.23% down to 160 fils after 63,000 shares were traded at KWD 9,960.