Abu Dhabi – Mubasher: RAK Properties on Sunday said it suffered losses of AED 22.8 million ($6.21 million) in the third quarter of 2018 against AED 13.1 million ($3.57 million) in profits in the same period of 2017.

As for the nine-month period ended 30 September 2018, RAK Properties’ profits retreated by 92% to AED 6.1 million from AED 74.7 million in the year-ago period, it said in a statement to the Abu Dhabi Securities Market (ADX).

The developer attributed the sharp drop in its January-to-September profits to a 71% decrease in revenues as well as AED 16.1 million in one-time provisions.

In addition, the first nine months of 2017 included AED 4.7 million in profits from the sale of investments, whereas none were recorded in the same nine-month period of 2018, the developer added.

In the first half of 2018, RAK Properties recorded AED 29 million in net profit, down from AED 62 million in the same period a year earlier. Similarly, revenues plunged to AED 75.43 million in H1-18 from AED 212 million in the corresponding period of 2017.

In September, RAK Properties unveiled plans to expand in Hayat Island by establishing recreational facilities in cooperation with a UK real estate development firm.