Mubasher: Taameer Real Estate Investment reported it has turned to profitability during the second quarter of the fiscal year 2019 as compared to the same quarter last year.
Profits stood at KWD 90,160 ($297,020) in the three-month period ended 30 June 2019, against losses of KWD 1.31 million ($4.32 million) in Q2-18, according to a statement to Boursa Kuwait on Tuesday.
In the first half of 2019, the company has logged profits of KWD 633,660, versus losses of KWD 1.33 million in H1-18.
The company attributed turning to profits to cutting off losses incurred from its units in Morocco over the past years after exiting from them.
In May, Taameer Real Estate Investment announced it had turned to profit during Q1-19, recording KWD 543,500 in profits, against losses of KWD 21,400 in Q1-18.
