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Eshraq Investments posts 74% profit drop in Q3

Eshraq Investments posts 74% profit drop in Q3
Net profits plunged to AED 3.5 million
Eshraq
ESHRAQ
-0.71% 0.28 -0.00

Abu Dhabi – Mubasher: Eshraq Investments reported a 74% year-on-year profit retreat during the third quarter of 2019.

Net profits plunged to AED 3.5 million in the three-month period ended 30 September, compared to AED 13.5 million in the year-ago period, according to a statement to the Abu Dhabi Stock Exchange (ADX) on Wednesday.

As for the first nine months of 2019, Eshraq Investments dipped to AED 7.5 million from AED 28.2 million in the corresponding period a year earlier.

The profit drop was ascribed to the 9% year-on-year retreat in revenues which registered AED 17.2 million in the nine-month period ended 30 September from AED 19 million.

It is noteworthy that during the first half of 2019, the ADX-listed firm logged a net profit of AED 4 million from AD 14.8 million in H1-18.