Mubasher: Munshaat Real Estate Projects posted a drop of 80.3% in losses during the second quarter of 2017 compared to the same quarter a year ago.

The losses shrank to KWD 240,000 ($792,140) in Q2-17 from KWD 1.22 million ($4.03 million) in Q2-16, according to a bourse statement issued on Thursday.

During the first six months of 2017, Munshaat registered a decline of 52% in losses to KWD 1.3 million from KWD 2.71 million in the first half of 2016.

The improvement in the operating performance of the real estate firm helped in reducing Munshaat’s losses in both Q2 and H1 this year, the bourse statement added.

It is noteworthy that Munshaat reported a decrease of 28.9% in losses to KWD 1.06 million in Q1-17 from KWD 1.49 million in Q1-16.