Kuwait-Mubasher: Kuwait Resorts (Muntazahat) posted a decline of 29.5% in profits of the second quarter of 2016 as compared to the same period in 2015, according to an issued statement.
Earnings decreased to around KWD 560,240 ($1.85 million) in Q2-16, from nearly KWD 794,370 ($2.62 million) in Q2-15.
In the first half of 2016, Muntazahat registered a drop of 30.6% in profits that reached KWD 1.25 million as compared to KWD 1.8 million in the same half of 2015.
The company clarified that the decrease in profits resulted from lower operating revenues in H1-16 as well as an increase in general and administrative expenses.
