DUBAI, 22 May, 05 (WAM) - Emirates Real Estate Corporation(EREC) yesterday announced that the corporation's net profitfor the period January-April 2005 rose to Dh3.870 billion.
The Board of Directors of EREC, which met yesterday to approvethe corporation's financial result, also approved the appointmentof an external auditor for the fiscal year, 2005. "The increasein our net profit for the period January-April 2005 is due tothe fact that this period saw the completion and rental of severalprojects to our esteemed clients", said Abdullah Al Huraiz, generalmanager of EREC, according to reports in the UAE's dailies.
Al Huraiz said "The net profit includes the operational netrevenue, the operational rental revenue and the lease financerental revenue, after deducting the corporation's administrativeand consumption expenditure." Al Huraiz also briefed the membersof the board about the projects that began in the current year.
In addition he also elaborated on the prices of second stageof the financial system guide.Al Huraiz noted that the expected net profit for EREC in 2005will be approximately Dh16 million as per the budget estimatesfor the current fiscal year.
The board also noted the net profit for 2004 of approximatelyDh8 million on revenues of approximately Dh13 million.
The board also discussed the progress of EREC's ongoing projectsas well as the corporation's future plans to enhance performanceimprovement.
EREC is responsible for the selection and design of all federalministry buildings in the UAE as well as worldwide, includingthe insurance and maintenance of these properties. Its aim isto offer the highest standards possible.
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