Kuwait's Al Mazaya Holding has announced that its net profit for the second three month period of 2009 decline 62% to $17.17 million (Dh63.06m) from $45.95 million a year earlier.

First half profit fell 59% to $35.06 million compared to $86.68 millon. Second-quarter earnings per share also came down to 3.82% from 10.33 cents during the same period a year earlier.

The sources said that the company is doing its best to maintain profits for the first half, reaping operational profits of Dh629.8 million.

The sources further added that Al Mazaya has also made significant progress at its Business Avenue project, completing 65 per cent. The completion rate for The Villa stands at 85 per cent and Al Liwan at 30 per cent.