Kuwait – Mubasher: Kuwait Real Estate recorded a surge of 301.3% in profits during the third quarter this year as compared to the corresponding quarter of 2015.
Earnings grew to KWD 1.89 million ($6.22 million) in Q3-16 from around KWD 470,980 ($1.55 million) in Q3-15, the company said in a bourse filing issued on Sunday.
Over the first nine months this year, profits gained 65.5% to KWD 4.75 million from KWD 2.87 million in the same period a year ago.
The increase in profits is due to lower operating costs in 2016 as well as higher leasing revenue and reverse of provisions in 2015, the statement clarified.
