RAK Properties' Q2 2015 YoY profit slumps 56%
The listed developer's Q2 2015 profit was $6.1m, 56% lower than its Q2 2014 profit of $14m
RAK Properties recorded a net profit of $6.1m (AED22.6m) in the second quarter of 2015, as compared to $14m (AED51.6m) in the same period of 2014, a year-over-year fall of 56%.
According to the filing by the company on the Abu Dhabi Securities Exchange on Wednesday, 15 July 2015, the company's revenue was recorded at $25m (AED92m), and the group's total assets amounted to $1.3bn (AED4.8bn).
Mohammad Sultan Al Qadi, CEO of RAK properties said: "We are currently engaged in the development of the Flamingo and Bermuda villas at our flagship development, Mina Al Arab.
"We have launched phase 2 of the Flamingo villas as well.”
“The company also awarded a marina project in Mina Al Arab to meet the increasing demand for the marina facility within the community,” he added.
RAK Properties is in advanced stages of discussion with a luxury resort operator to manage a resort hotel property in the Mina Al Arab, Al Qadi said in the statement.