Kuwait-Mubasher: Alargan International Real Estate recorded a 34.4% growth in profits of the first quarter in 2016 as compared to the same period in 2015, the company said in a bourse filing issued Sunday.

The earnings increased to about KWD 775,800 ($2.57 million) in Q1-16 as compared to nearly KWD 577,160 ($1.91 million) in Q1-15.

Alargan clarified that the profits achieved in Q1 resulted from a growth in net revenues from projects as well as a decrease in finance costs.

The company’s stock fell 1.2% to 164 fils an hour before closing Sunday’s session, after about 40,240 shares were exchanged with a turnover worth KWD 6,600.