Mubasher: Kuwait Business Town Real Estate achieved a growth of 83.2% in profits during the third quarter of 2017 compared to the same period in the previous year.

Earnings grew to KWD 626,000 ($2.08 million) in Q3-17 from around KWD 341,760 ($1.13 million) in Q3-16, according to a bourse filing issued on Tuesday.

During the first nine months of 2017, Business Town reported a gain of 32% in profits to KWD 1.69 million compared to KWD 1.28 million in the same period last year.

The rise in profits is attributed to higher operating income from investments as well as an increase in lease revenues, the filing added.

It is noteworthy that profits rose by 13% to KWD 1.06 million in the first half of 2017 compared to nearly KWD 938,240 in the same period a year ago.

At the stock level, Business Town closed Tuesday’s session 0.6% lower at 49.7 fils.