Mubasher: Arkan Al Kuwait Real Estate reported a decline of 64.4% in profits during the first quarter that ended on 31 January 2018 compared to the same period in the previous fiscal year, according to a bourse statement on Wednesday.
Earnings shrank to about KWD 321,230 ($1.07 million) in Q1 ended on 31 January 2018 from approximately KWD 903,460 ($3.02 million) in the corresponding period in the prior year.
Earnings per share (EPS) stood at 1.3 fils in Q1 ended on 31 January 2018 compared to 3.65 fils in the same period a year ago.
The drop in Q1 profits is attributed to zero income from selling investment properties.
At the stock level, Arkan closed Wednesday’s session 9.3% lower at 80 fils.
