Mubasher: First Dubai for Real Estate Development on Sunday posted a 99.5% year-on-year drop in profits for the fourth quarter of 2018.

Net profits recorded KWD 20,000 ($65,900) in Q4-18, compared to KWD 3.92 million ($12.9 million) in Q4-17, according to a filing to Boursa Kuwait.

Profits of the real estate company decreased by 47.9% to KWD 2.94 million in the full-year 2018, against KWD 5.64 million in 2017.

The drop in 2018 profits was attributed to a decline in revenues and other expenses.

The company’s board recommended no cash dividends for the year ended 31 December 2018.