Kuwait-Mubasher: Alargan International Real Estate's profits dropped 99.62% year-on-year to KWD 89,867 ($297,327) in the second quarter of 2016 from KWD 23.44 million ($77.55 million).

The fall in net profits was attributed to lower revenues of projects and leases, reduction in an associate's stake and lower investment real estates' sales profits.

Higher general and administrative expenses and lower financial costs also contributed to the drop in net profits, according to a bourse filing on Thursday.

The company's profits plunged 96.4% to KWD 865,660 in the six-month period of 2016 from KWD 24 million in the year-ago period.