Mubasher: Aqar Real Estate Investments’ profits have shrunk by 31.6% year-on-year in the second quarter of 2019, according to the company’s filing to Boursa Kuwait on Sunday.

Aqar Real Estate has registered profits worth about KWD 308,087 ($1.02 million) in the three months ended 30 June 2019, compared to nearly KWD 451,055 ($1.49 million) in the corresponding period last year.

In the first half of 2019, Aqar Real Estate profits decreased by 11.5% to nearly KWD 625,097 from around KWD 707,031 in H1-18.

The company’s filing has ascribed the current profit retreat to the corresponding period last year when profits were realised from selling an investment property

In the first half of 2019, Aqar Real Estate’s net operating profits registered around KWD 688,003, compared to KWD 939,053 in H1-18, with a year-on-year decline of 26.8%.

Noteworthy, in the first quarter of 2019, Aqar Real Estate’s profits rose by 24% to about KWD 317,001 from approximately KWD 255,076 in Q1-18