Mubasher: Ream Real Estate Co on Tuesday reported a 69.8% year-on-year decline in net profits for the second quarter of 2018, recording KWD 72,420 ($238,930) from KWD 240,16 ($792,340).

Operating revenues fell by 36.6% in the three-month period ended June to KWD 439,760, according to a filing to Boursa Kuwait.

In the first half of 2018, the company logged KWD 227,740 in profits, down 53% from KWD 484,250 in H1-17.

Ream Real Estate previously posted a 36.4% drop in net profit for Q1-18, generating KWD 155,320, compared to KWD 244,370 in Q1-17.