Mubasher: Kuwait Business Town Real Estate posted KWD 974,000 ($3.12 million) profits during the fourth quarter of 2018 compared to KWD 1.48 million ($4.88 million) in the same period a year ago.

During fiscal year 2018, Business Town registered a decrease of 21.5% in profits to KWD 2.48 million compared to KWD 3.16 million in the previous year, according to a bourse statement on Wednesday.

The decline in FY18 profits is attributed to higher financing costs of about KWD 223,820 as well as a rise of about KWD 534,090 in administrative expenses.

The board members of Business Town recommended 5% of the capital as bonus shares for FY18 at a total of 29.87 million shares at a value of KWD 2.99 million.