RAK Properties Q3 profits decline 55%

24 Oct 2011

(MENAFN) RAK Properties posted third-quarter profits of USD8.2 million, representing a 55% decline from USD18.4 million a year earlier, Arabian Business reported.

The company said, in a statement to the Abu Dhabi Securities Exchange, that the decline in profits was a result of the rising expenses.

Impairment on available-for-sale investments climbed to USD4.1 million from USD871 million, while expenses increased to USD3.9 million from USD1.7 million.

The company’s profits dropped 40 percent to USD16.33 million during the first three quarters of the year.

The state-backed developer said in January it expected to collect at least USD474 million this year as buyers of completed properties made final payments.

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