RAK Properties Q3 profit up 77%

RAK Properties third quarter net profit jumped nearly 77 per cent to Dh67.5 million against Dh38.18m for the corresponding period last year on higher government grant and reduced operating costs.

Its earnings per share also rose to Dh0.034 as against Dh0.019 in Q3 2009.

The company statement said that Julfar Towers, RAK Tower, apartments, villas and town houses in Mina Al Arab will be delivered in 2010 and 2011.

The company said it got Dh42.77 million in governments grant in third quarter this year against Dh28.8m in Q3 2009.

The company’s net assets took a hit, plunging by more than Dh1 billion in third quarter. Assets fell to Dh819m against Dh1.878bn last year.

Its 9-month profit fell to Dh163.75 million compared to Dh181.5 million for the same period last year, a drop of nearly 10 per cent.

The property developer also settled $45m loan early which it obtained from IDO.

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