Dubai: Al Mazaya Holding, a Kuwait-based property developer, on Sunday reported that net profit plunged 29 per cent to 1.35 million Kuwaiti dinars ($4.47 million; Dh16.41 million) in the first quarter.

In a statement, Al Mazaya said the decline was mainly due to the company delivering more real estate units during the first quarter compared to the same period last year.

The company’s total revenues also fell by over 62 per cent to reach 5.6 million dinars (Dh68.4 million).