Mubasher: Kuwait Business Town Real Estate posted a decline of 59.8% in profits during the first quarter of 2018 compared to the same period in the previous year.

Earnings declined to around KWD 310,450 ($1.03 million) in Q1-18 from nearly KWD 772,580 ($2.57 million) in Q1-17, according to a bourse statement on Thursday.

Business Town said that despite the increase in leasing revenues, the net income from investment and expenses registered an incline which resulted in lower profits.

At the stock level, Business Town closed Thursday’s session 2.5% higher at 41 fils.