Abu Dhabi – Mubasher: RAK Properties on Sunday reported an AED 29 million in net profit during the first half of 2018, compared to AED 62 million in the same period a year earlier.

The UAE-based developer’s generated AED 75.43 million in revenues during the six-month period ended June, versus AED 212 million in H1-17, according to a filing to the Abu Dhabi Securities Market (ADX).

Earnings per share stood at AED 0.01 at the end of June, compared to AED 0.03 in H1-17.

In the second quarter of 2018, the company posted a net profit of AED 4.33 million, versus AED 21.8 million in the year-ago period.

Moreover, revenues amounted to AED 18.5 million in Q2-18, compared to AED 96.015 million in the prior-year period.

RAK Properties previously said its net profit fell by 38% year-on-year in Q1-18, registering AED 24.6 million, versus AED 40 million.

The Abu Dhabi-listed company had posted a 9.7% year-on-year increase in net profit for the full-year ended December 2017, recording AED 191.82 million.