Mubasher: United Real Estate registered a negative turn in the income statements of both the second quarter and the first half of 2018 against profits in the corresponding period last year.

The company suffered a loss of KWD 2.46 million ($8.14 million) in Q2-18 against earnings valued at KWD 281,000 ($929,600) in Q2-17, according to a bourse statement on Sunday.

In the first half of 2018, United Real Estate incurred losses of KWD 1.7 million versus KWD 1.44 million in H1-17.

United Real Estate clarified that the incline in H1 losses is attributed to higher provisions against receivables, an increase in financing costs as a result of higher funding for the company’s business.

It is noteworthy that in Q1-18, United Real Estate posted a drop of 34.1% in profits to around KWD 764,510 compared to KWD 1.16 million in Q1-17.