Mubasher: Aayan Real Estate turned a profit during the first quarter of 2019, against incurring losses in the year-ago period.

The firm’s profits hit KWD 404,400 ($1.3 million) in Q1-19, against a loss of KWD 44,900 ($148,100) during Q1-18, according to a statement to Boursa Kuwait on Monday.

The Kuwaiti property developer attributed the positive turn in Q1-19 financials to a rise in operating revenues of the real estate business.

The total value of net operating profits skyrocketed 292% year-on-year to KWD 687,700 in Q1-19 from KWD 175,400.

Aayan has sold a property at KWD 1.08 million ($3.56 million), the company said in a separate statement.

In 2018, the company achieved a profit of KWD 5.94 million, against suffering KWD 8.08 million in losses a year ago.