Mubasher: Aqar Real Estate Investments on Monday reported a 23.4% year-on-year decline in its profits for the first quarter of 2018, compared to the year-ago period.

Aqar Real Estate’s profits tumbled to KWD 255,760 ($849,880) during the three-month period ended March 2018, from KWD 333,910 ($1.11 million) during Q1-17, according to a bourse statement.

The Kuwaiti real estate developer attributed the decrease in profits to the sale of an investment in an associate.