Mubasher: Ream Real Estate Company turned to loss during the third quarter of the fiscal year 2019, the company said in its financial statement.
Ream Real Estate endured a loss of KWD 872,627 ($2.88 million) in the three-month period ended 30 September 2019, compared with a net profit of KWD 80,317 ($265,214) in the same period last year.
This was ascribed to selling real estate during the year 2018, a decline of management commission from private portfolios, and higher administration expenses.
Moreover, the company’s operating revenue totalled KWD 217,662 in the third quarter, plunging by 55.2% year-on-year from KWD 485,840.
For the first nine months of the year, Ream posted a net loss of KWD 1.841 million, compared with a net profit of KWD 308,058 a year ago.
Total operating revenue dropped by 29.4% year-on-year to KWD 1.034 million, from KWD 1.465 million.
Last quarter, Ream turned to loss, posting KWD 985,930, from a profit of KWD 72,420 in the year-ago quarter.
