RAK Properties net profit dips 33.78% in Q2
RAK Properties net profit dips 33.78% in Q2

RAK Properties has announced that its net profit for the second three month period declined 33.78 per cent to Dh73.3 million from Dh110.7m in the same period last fiscal.

First-half net profit has witnessed dip of 36.38% to Dh143.31m from Dh225.27m the same period last year, while net assets stood at Dh3.12bn, entailing Dh485m in cash.
Second-quarter earnings per share declined to Dh0.037 from Dh0.055.

The sources said that the developer is focusing on delivering three projects - Julfar Towers, RAK Towers and Mina Al Arab Precinct 4 - by end of Q4 and expects to register decent revenue from the developments this fiscal.

The sources further added RAK Properties has approached its relationship banks and other financial institutions for financing future projects as well as to extend the mortgage facilities to the customers.

Shares of RAK Properties closed at Dh0.68, up 1.49 per cent on the Abu Dhabi bourse.

(via TopNews. Contributed by Divesh Sharma)