Kuwait – Mubasher: Mena Real Estate registered a drop of 73.3% during the second quarter of 2016 as compared to the same period in 2015.

Net profit reached about KWD 44,990 ($148,040) in Q2-16, compared with approximately KWD 168,540 ($554,590) in Q2-15, the real estate firm said in a bourse statement issued on Sunday.

During the first six months ended on 30 September, 2016, Mena suffered losses of around KWD 12,150 versus profits worth nearly KWD 363,260 in the same period a year ago.

Mena said that the reason behind posting losses is the absence of operating return despite lowering the employees and finance costs.