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Expenses push RAK Properties profits down in Q3

Expenses push RAK Properties profits down in Q3
Profits reached AED 13 million in Q3-17
RAK Properties
RAKPROP
-4.58% 1.25 -0.06

Abu Dhabi: Mubasher: RAK Properties, which is listed on the Abu Dhabi Securities Exchange (ADX), on Sunday reported a 68% year-on-year fall in its profits in the third quarter of 2017.

The real estate company’s profits reached AED 13.06 million ($3.55 million) in Q3-17, compared to AED 40.45 million ($11.01 million) in Q3-16, its results showed.

The firm’s statements showed a 63% drop in revenues to reach AED 58.69 million in the period between July and September, compared to AED 158.36 million in the same period last year.

The statement added that the administrative expenses rose by 134.5% to reach AED 23.52 million in Q3-17, compared to AED 10.03 million in Q3-16.

Meanwhile, at the level of the first three quarters of 2017, RAK Properties profits declined by 6% to reach AED 74.73 million, compared to AED 79.14 million in the same period the year before.

The company had previously achieved net profits of AED 21.8 million in Q2-17, up 8.07% from AED 20.15 million in Q2-16.