Mubasher: Kuwait Business Town Real Estate reported a decline of 21.8% in profits during the fourth quarter of fiscal year 2017 compared to the same period last year.

Earnings decreased to KWD 1.47 million ($4.92 million) in Q4-17 from KWD 1.88 million ($6.29 million) in Q4-16, according to a bourse filing on Monday.

During fiscal year 2017, Kuwait Business Town posted a marginal increase of 0.13% to KWD 3.161 million compared to KWD 3.157 million in the previous year.

The growth in FY17 profits is attributed to lower expenses by nearly 12.9% or KWD 312,090.

The board members recommended a cash dividend of 3% or 3 fils per share for FY17 as well as 5% bonus shares or 5-for-100 shares.