Mubasher: Alrai Media Group reported a decline of 45.3% in profits during the second quarter of 2018 compared to the same period a year ago.

Earnings shrank to nearly KWD 650,880 ($2.15 million) in Q2-18 from KWD 1.19 million ($3.94 million) in Q2-17, according to a bourse statement on Tuesday.

During the first six months of 2018, Alrai Media posted a drop of 44.3% in profits to approximately KWD 913,820 compared to KWD 1.64 million in H1-17.

The decline in H1 profits is attributed to the general decrease in the local advertising market.