Mubasher: Tamdeen Real Estate reported a drop of 55% in profits during the second quarter of 2018 compared to the same period in the previous year.

Earnings declined to KWD 468,000 ($1.55 million) in Q2-18 from KWD 1.04 million ($3.43 million) in Q2-17, according to a bourse disclosure on Tuesday.

During the first half of 2018, profits decreased by 34.1% to KWD 4.65 million when compared to KWD 7.06 million in the same six months last year.

Tamdeen Real Estate clarified that the decrease in H1 profits is attributed to lower operating revenue in addition to a decline in the financials' share of an associate.