Mubasher: The profits of Kuwait Business Town Real Estate soared by 91.4% during the first quarter of 2017 as compared to the same period of 2016.
Business Town recorded nearly KWD 772,580 ($2.54 million) worth profits in Q1-17, compared with approximately KWD 403,680 ($1.33 million) in Q1-16, according to a bourse statement issued on Monday.
The company said that the increase in Q1 profits is attributed to higher operating revenue from investments as well as a rise in rental revenue.
The company’s net operating profit grew by 85% to about KWD 860,630 in Q1-17 from KWD 465,140 in Q1-16, the statement added.
At the stock level, Business Town closed Monday’s session at 54 fils.
