Kuwait – Mubasher: Sokouk Holding reported falling profits in the first six months of 2015 to KWD 176,770 ($582,250) compared to KWD 2.39 million ($7.87 million) in the same period in 2014, a slump of 92.6%, according to a filing to the Kuwait Stock Exchange (KSE).

The company turned to losses of KWD 458,520 for the second quarter of this year, against a limited profit of KWD 16,160 in the corresponding period in 2014, the real estate investor added in Thursday’s bourse statement.

The Kuwaiti company attributed its profit decline during the first six months of the year to a decline in profits of its subsidiaries, a rise in pre-operation costs in addition to higher salaries and expenses in preparation for opening Millennium Hotel, which is a major project carried out by one of Sokok’s subsidiaries.

Sokouk previously posted a 73.2% drop in profits in Q1-15 to KWD 635,290.