Mubasher: Ajial Real Estate Entertainment registered a decrease of 20% year-on-year in profits during the first quarter of 2019.

Profits shrank to about KWD 831,630 ($2.74 million) in Q1-19 from KWD 1.04 million ($3.43 million) in Q1-18, according to a bourse disclosure on Wednesday.

The decline in Q1 profits is attributed to lower income from the profits of an associate.

During fiscal year 2018, the real estate developer posted a drop of 18% in profits to KWD 2.46 million from KWD 3 million in full-year 2017.