Mubasher: Alrai Media Group posted a shrink of 70.5% in profits during the second quarter of 2019, compared to the same period last year.

Profits stood at nearly KWD 192,170 ($632,820) in Q2-19, compared to about KWD 650,880 ($2.14 million) in Q2-18), according to a bourse statement on Wednesday.

During the first half of 2019, Alrai Media Group registered a plunge of 90.3% in profits to about KWD 89,100 from approximately KWD 913,820 in the same period of 2019.

The fall in H1-19 profits is attributed to a general decline in the local advertising market.

It is worth noting that during the first quarter of 2019, Alrai incurred a loss of nearly KWD 103,070 versus a profit of around KWD 262,940 in Q1-18.