Mubasher: Seef Properties (SEEF) posted a 46% decline in net earnings for the fourth quarter of 2015 compared to the same period of 2014, the company said on Thursday.

The real estate firm achieved BHD3.04 million ($8.12 million) net profit for the three month period ended 31 December 2015, compared to BHD5.6 million ($14.95 million) in the same period of 2014, according to a bourse filing.

The board of directors recommended the distribution of cash dividends at  12% of the paid-up capital or 12 fils per share for the fiscal year 2015. The company earlier paid cash dividends at 11% of capital for FY14.

The company operates with BHD46 million capital, distributed into 460 million shares by BHD0.1 per share.

SEEF’s annual revenue reached BHD9.84 million in FY15 compared to BHD10.82 million in FY14.