Kuwait- Al Tijaria 'posts' Q3 net profit of KD 4.24 million 

(MENAFN - Arab Times) Al Tijaria Real Estate Company announced its net profits which reached (4,245,674) KD for the period ended on September 30, 2012 with earnings per share amount to 2.47 Fils, compared to (6,370,855) KD in profits and 4.20 fils in earnings per share for the same period of last year.

As for the financial position and net worth, the total assets have declined slightly due to the disinvestment of some assets. In addition to the Projects under execution which registered an 88% increase in this current period because of the execution and re-evaluation of one of the new projects. On the other hand, the company succeeded in reducing total liabilities by 16.1% i.e. 23 million KD in comparison with the same period of the last year which resulted in reducing the financing burden by 33.7% i.e. 2.2 million KD.

Furthermore, results the of the company's business have seen a remarkable progress in some of its activities where revenues of lease related to income - generating revenue real estates rose by 55%. As a result thereof and due to the leasing of the projects already executed and the lease revenues resulted from the consolidation of the financial statements of a subsidiary company (Al Mutajara Real Estate Company). In addition to that, the Company was able to decrease the hotel losses and the losses resulting from the affiliate companies as well as other investments.

Al Tijaria Chairman and Managing Director, Abdulfattah Marafie, confirmed that the company is steadily moving towards achieving its vision and objectives to achieve the best results, which will lead to added value for the company's shareholder's equity.

The chairman thanked all the shareholders and all members of the board, the executive management and all employees of the company for their efforts in attaining the company goals through the attainment of optimum results.