Kuwait – Mubasher: First Dubai for Real Estate Development reported a surge of 126.6% in profits during the third quarter of 2016 as compared to the same period a year ago.
Earnings amounted to nearly KWD 568,120 ($1.87 million) in Q3-16, compared with around KWD 250,740 ($824,880) in Q3-15, according to a bourse statement issued Monday.
During the nine-month period, profits stood at KWD 2.1 million, 75% higher from KWD 1.2 million in the corresponding period in 2015.
The increase in profits is attributed to a growth in the overall operating profit from the sale and leasing transactions of real estate by KWD 3.26 million, the company said.
It added “share of result of an associate for the nine months period ended 30/09/2016 by KWD 321,922,” and “decrease of the finance cost by KWD 121,092 as compared to the same period ended 30/09/2015.”
