Mubasher: Kuwait Resorts (Muntazahat) registered a decline of 7.9% in profits to KWD 364,000 ($1.22 million) during the fourth quarter of 2017 compared to KWD 395,000 ($1.32 million) in the same period in the prior year.

During the fiscal year 2017, the real estate and hospitality business firm posted a drop of 17.4% in profits to KWD 1.9 million versus KWD 2.3 million a year earlier, according to a bourse statement on Wednesday.

Muntazahat clarified that the decrease in FY17 profits is attributed to lower operating revenues from the real estate segment in Kuwait in addition to the higher operating costs due to doubling the prices of both electricity and water utilities.

The board members of Muntazahat recommended a cash dividend of 5% or 5 fils per share for FY17.