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First Dubai turns profitable in Q2

First Dubai turns profitable in Q2
Net profits amounted to KWD 112,410 in Q2-19
FIRSTDUBAI
FIRSTDUBAI
-1.06% 46.50 -0.50

Mubasher:  First Dubai for Real Estate Development (First Dubai) reported turning a profit in the second quarter of 2019.

Net profits amounted to KWD 112,410 ($370,900) in Q2-19, against a net loss of KWD 357,000 ($1.2 million) in Q2-18, according to the company’s statement to Boursa Kuwait on Monday.

Moreover, the company’s profits shrank by 70.8% to KWD 367,680 during the first half of 2019, compared to KWD 1.26 million in the same period of the previous year.

First Dubai noted that the drop in profits comes due to the fall in revenues.