Kuwait-Mubasher: Tamdeen Real Estate's profits retreated 40.5% year-on-year to KWD 1.56 million ($5.17 million) in the second quarter of 2016 from KWD 2.62 million ($8.68 million).

The company achieved KWD 7.15 million profits in H1-16 compared to KWD 7.89 million in H1-15, with a 9.4% decrease, according to a bourse filing on Sunday.

The fall in net profits was attributed to lower net gain on sale of investments available for sale, the statement said.