Abu Dhabi – Mubasher: RAK Properties has reported a 38% decline in net profit during the first quarter of 2018.

The UAE-based developer’s net profit retreated to AED 24.6 million in Q1-18 versus AED 40 million in the year-ago period, according to a company statement released on Sunday.

RAK Properties’ revenue dropped 49% from January to March, while general and administrative expenses grew 8% in the same period. 

In February, the Abu Dhabi-listed company posted a 9.7% year-on-year increase in net profit for 2017, recording AED 191.82 million.