RAK Properties sees profit slide as expenses rise
Abu Dhabi- Arabstoday
RAK Properties, the developer that built Ras Al Khaimah’s first manmade islands, said Sunday that third quarter profit had declined 55 percent as expenses rose. Net income dropped to AED30.3m ($8.2m) from AED67.5m a year earlier, the firm said in a statement to the Abu Dhabi Securities Exchange. Impairment on available-for-sale investments climbed to AED15m from AED3.2m, while expenses increased to AED14.4m from AED6.5m. Profit during the first three quarters of the year declined 40 percent to AED60m.
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