Kuwait-Mubasher: Kuwait Real Estate achieved a growth of 29% in profits of the first quarter as compared to the same period in 2015, the company said in a statement issued Thursday.

Earnings increased to KWD 1.87 million ($6.2 million) in Q1-16,from KWD 1.45 million ($4.8 million) in Q1-15.

The growth in Q1 profits resulted from an decrease in operating costs and provisions in 2015, as well as the profit achieved from debts settlement with a sister company, the real estate firm clarified.

The company’s stock declined 1.82% to 54 fils by the end of Thursday’s session, after about 416,050 shares were exchange with a value of nearly KWD 22,840.