Dubai – Mubasher: Amlak Finance on Monday disclosed a 52% decline in net profit during 2017, registering AED 51.3 million, compared to AED 107 million a year earlier.

The UAE-based Amlak’s revenue tumbled to AED 432 million in the previous year versus AED 778 million in the year before, according to a company statement.

The Dubai Financial Market (DFM) listed company also recorded a decline in operating profit during the last four quarters, falling to AED 176 million from AED 234 million in 2016.

On the other hand, Amlak Finance’s net profit more than doubled to AED 14.19 million in the fourth quarter of 2017, in comparison with AED 6.71 million in the year-ago period.

Operating expenses tumbled 43% to AED 29.97 million in Q4-17 against AED 47.29 million in the three-month period ended 30 December 2016, the firm’s data showed.