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FINANCIAL NEWS
UAE’s RAK Properties posts 72% drop in 2011’s profit
24 Feb 2012
(MENAFN) RAK Properties said that due to higher provisions for impairments on properties, 2011’s profit plunged 72 percent to USD29.50 million, from USD50.98 million a year earlier, reported The National.
The company added that in the period, provisions reached USD23.8 million, up from USD12 million in the previous year.
It also said that bank balances and cash dropped from USD119 million to USD83.64 million, while net debt rose to USD40.82 million, compared with USD21.63 million.
It is worth noting that RAK Properties flagship project is Mina Al Arab, which is a USD3.27 billion beachfront resort including several islands.
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