Kuwait – Mubasher: Injazzat Real Estate Development Company on Tuesday announced a 32.3% decrease year-on-year in its profits for the second quarter of 2017.

The profits fell to KWD 511,900 ($1.7 million) in Q2-17, from KWD 755,500 ($2.5 million) in Q2-16, according to a statement to Boursa Kuwait.

The Kuwaiti real estate development firm’s profits surged 36.1% to reach KWD 2.86 million in the first six months of 2017, compared to KWD 2.1 million in H1-16.

The Kuwait-listed company attributed the growth in H1-17 profits to selling an asset in Q1-17.