Mubasher: Kuwait-based Salhia Real Estate reported a 29% year-on-year decrease in profits during the first quarter of 2019.
The company’s profits reached KWD 4.1 million ($13.5 million) in Q1-19, down from KWD 5.7 million ($18.8 million) during Q1-18, according to a statement to Boursa Kuwait on Thursday.
The real estate developer attributed the decline of Q1-19 profits to a drop in its profit stake from a joint venture.
Salhia Real Estate’s operating revenues fell 2% to KWD 11.9 million from January to March, compared to KWD 12.2 million in the prior-year period.
In 2018, the Boursa Kuwait-listed company’s profits levelled up 9.4%, logging KWD 17.31 million, compared to KWD 15.82 million a year ago.
