Mubasher: Al Mazaya Holding posted a 92.9% year-on-year plunge in its profits for the second quarter of 2019.

Profits stood at KWD 110,000 ($362,400) in the three-month period ended 30 June, versus KWD 1.55 million ($5.1 million) in Q2-18, Al Mazaya said in a filing to Boursa Kuwait.

In the first half of 2019, the company generated profits of KWD 1.12 million, down 61.4% from KWD 2.9 million in H1-18.

The company attributed the decline in profits to the delivery of a large number of properties sold in H1-18 as compared with this year, as well as to lower revenue.

Al Mazaya, listed on both Boursa Kuwait and the Dubai Financial Market (DFM), previously reported KWD 1.01 million in profits for Q1-19, down 25.2% from KWD 1.35 million in Q1-18.