Dubai – Mubasher: Amlak Finance on Tuesday said that its profits soared 111.5% year-on-year in the third quarter of 2017.

Net profits amounted to AED 14.19 million ($3.86 million) in Q3-17, compared to AED 6.71 million ($1.82 million) in Q3-16, according to the company’s statement to the Dubai Financial Market (DFM).

Year-on-year, operating expenses decreased 43% to AED 26.97 million, from AED 47.29 million.

The firm achieved AED 12.87 million from the investment properties in Q3-17.

The revenues of properties under development slid 96.66% to reach AED 2.8 million in Q3-17, compared to AED 84.14 million in the corresponding period in the year earlier.

At the level of the first nine months of 2017, Amlak Finance’s profits retreated 68.4% to AED 29.70 million, from AED 94.15 million in the same period in the year before.

The revenues of properties under development declined 91% to reach AED 35.8 million from January until September 2017, compared to AED 395.9 million in the corresponding period in 2016.

The income from Islamic financing and investment assets tumbled to AED 138 million in the nine-month period in 2017, from AED 150 million during the same period in the previous year.