First Dubai for Real Estate Development registered a drop of 48.5% in its earnings of the first quarter ended 31 March, 2015.

First Dubai posted a net profit of about KWD 322,030 ($1.06 million) in Q1-2015, compared to nearly KWD 624,550 ($2.06 million) in Q1-2014.

The earning per share inched down to 0.32 fils in Q1-15 from 0.63 fils in Q1-14.

The firm reported a decline of 47.2% in its earnings of the fiscal year 2014, posting KWD 3.55 million, compared to KWD 6.72 million in 2013.

First Dubai’s capital totals KWD 100 million, distributed on one billion shares with a par value of 100 a share.