Mubasher: Alargan International Real Estate reported a decrease of 85.6% in profits during the fourth quarter of 2017 compared to the same period in the prior year.

Earnings shrank to KWD 94,000 ($314,630) in Q4-17 from KWD 651,000 ($2.18 million) in Q4-16, according to a bourse statement on Wednesday.

During fiscal year 2017, the Kuwait-based firm achieved an increase of 185.6% in profits to KWD 5.17 million from KWD 1.81 million in FY16.

The board members of Alargan recommended distributing no dividends for FY17, the statement added.