Kuwait – Mubasher: Kuwait Hotels achieved a surge of 177.3% in profits during the second quarter of 2016 as compared to the same period a year ago.

Earnings increased to about KWD 55,820 ($184,900) in Q2-16 from nearly KWD 20,130 ($66,680) in Q2-15, the company said in a bourse filing.

During the first half this year, profits amounted to about KWD 536,490 versus approximately KWD 42,620 in H1-15; a rise of 1158.8%.

The growth in earnings was due to a profit from the sale of an asset as well as lower general and administrative expenses.