Kuwait – Mubasher: Tamdeen Real Estate posted on Tuesday a net profit of KWD 1.06 million ($3.48 million) for the third quarter of fiscal 2016, 5% down from KWD 1.12 million ($3.67 million) for Q3-15.

Net profit for the first nine months of 2016 declined by 8.8% to KWD 8.21 million from KWD 9.01 million for the same period of 2015.

Operating revenue shrank in the nine-month period by 6.67% to KWD 2.16 million from KWD 2.32 million for the same period last year, according to a bourse filing.

The company earlier reported a net profit of KWD 7.15 million for the first half of 2016, 9.4% down from KWD 7.89 million for H1-15.

The stock closed today falling by 3% to 475 fils.