International property investor Kennedy Wilson Europe (KWE) Real Estate has reported a 47% decline in profits over the past year.

The firm, which has offices in Dublin, London and Madrid, posted net profit after taxation of £78.7m for the half-year ending 30th June 2016, down from £149.3m for the same period last year.

KWE explained that the uncertainty ahead of the EU referendum vote saw property investment volumes fall from the exceptionally high figures achieved in 2015.

The firm also admitted that its offices in Aberdeen faced the most challenging market due to weak occupational demand as a result of a slump in oil prices.

Despite these losses, the company withdrew £75m from a revolving credit facility of £225m ahead of the EU referendum in order to strengthen its cash liquidity.

This withdrawal saw KWE’s liquidity grow from £551.5m in December 2015 to £609m in June 2016.

Charlotte Valeur, chair of KWE Real Estate, said: “Following the result of the EU referendum, the board takes comfort in the strong financial position of the business with significant cash liquidity and low levels of capital commitments supported by robust operating metrics.”