RAK Properties 1Q Net Profit Up 30% On Higher Sales Revenues

Monday, Apr 30, 2012

(This story was originally published Sunday.)

DUBAI (Zawya Dow Jones)--RAK Properties (RAKPROP.AD) said Sunday it will focus on handing over and leasing more properties, after posting a 30% increase in first-quarter net profit on higher sales revenue.

The company, based in the U.A.E. emirate of Ras Al Khaimah, made a first-quarter net profit of 46.1 million U.A.E. dirhams ($12.6 million), up from AED35.6 million a year earlier, according to a statement posted on the Abu Dhabi bourse website.

Sales revenue soared to AED195.3 million, from AED7.6 million the year before.

"In the year 2012 we will maximise and complete the handing over process and leasing the retail, commercial and residential properties," RAK Properties said in the statement.

During the first three months of this year, RAK Properties started delivery of 808 apartments in the lagoon precinct, Mina Al Arab, the company noted.

RAK properties shares last traded flat at AED0.39 Sunday.

-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com

(END) Dow Jones Newswires

30-04-12 0335GMT