Kuwait – Mubasher: Kuwait Resorts (Muntazahat) on Monday reported a profit decline of 38.5% year-on-year in the fourth quarter of 2016.
Profits reached about KWD 400,000 ($1.3 million), compared to KWD 650,000 ($2.12 million) in the year-ago-period, according to a bourse filing on Wednesday.
Profits for the twelve months of 2016 retreated 27.5% year-on-year to KWD 2.3 million from KWD 3.17 million in 2015.
The company attributed the decline in profit to market value of real estate investments, the statement said.
Muntazahat's board recommended the distribution of 5% cash dividends for 2016; the company will pay 5 fils per share.
The company's capital amounts to KWD 19.65 million, distributed over KWD 196.5 million shares at a nominal value of 100 fils per share. The firm owns around 13 million treasury shares.
By 10:52am Kuwait time, the stock rose 1.16% to 87 fils after 556,240 shares were exchanged at a value of about KWD 47,740.
