Mubasher: Tamdeen Real Estate reported a decrease of 30.6% in profits during the first quarter of 2018 compared to the same period in the previous fiscal year.

Earnings shrank to KWD 4.18 million ($13.89 million) in Q1-18 from KWD 6.02 million ($20 million) in Q1-17, according to a bourse filing on Tuesday.

The decline in Q1 is attributed to a lower share in the financial results of an associate.