Kuwait – Mubasher: United Real Estate (URC) on Monday posted a sharp drop in its profits for the second quarter of 2017 on the back of lower hotel revenues.
URC achieved KWD 280,280 ($924,860) in profits in Q2-17, down 73.3% year-on-year from KWD 1.05 million ($3.47 million), the company said in a statement to Boursa Kuwait.
Between January and June, URC posted KWD 1.44 million in profits, down 52% from KWD 3 million in the same period the year before.
URC attributed its profit decline to lower revenues from hotels and decreased profits from the foreign currency exchange transactions as well as the rise in financing costs.
URC had previously suffered a 40.5% decline in profits for Q1-17 to KWD 1.16 million, compared to KWD 1.95 million in the same period of 2016.
