Mubasher: Kuwait-based Injazzat Real Estate Development on Monday posted a 53.6% year-on-year drop in its profits during the first quarter of 2018, compared to the year-ago period.

Injazzat Real Estate’s profits fell to KWD 1.09 million ($3.62 million) in the three-month period ended March 2018, down from KWD 2.35 million ($7.81 million) during Q1-17, according to a statement to Boursa Kuwait.

The real estate developer attributed the decline in its first-quarter profits to the sale of an asset in 2017 that generated KWD 1.97 million, which has not occurred in Q1-18

On Wednesday, 25 April, the Boursa Kuwait-listed company announced that a 99.75% subsidiary sold an office building at a value of KWD 12.5 million, with expectations that profits from the transaction will appear in Q2-18.