Mubasher: Aqar Real Estate Investments reported a drop of 6.42% in profits during the third quarter of 2017 compared to the same period in the previous years.

Earnings decreased to about KWD 345,140 ($1.14 million) in Q3-17 from approximately KWD 368,810 ($1.22 million) in Q3-16, according to a bourse statement issued on Sunday.

From January to September, Aqar Real Estate posted a growth of 11.5% in profits to KWD 1.03 million compared to around KWD 923,220.

The increase in profits during the past nine months is attributed to higher leasing income due to the purchase of a new property, Aqar clarified.

Aqar’s operating revenues grew by 14.6% to KWD 1.48 million in 9M-17 compared to KWD 1.29 million in 9M-16.

It is worth noting that the company achieved an increase of 23.4% in profits to nearly KWD 684,320 during the first six months of 2017 compared to around KWD 554,410 in the same half a year ago.