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RAK realty firm reports Dh114.58m net profit

Real estate developer RAK Properties on Monday reported a net profit of Dh114.58 million for the first three months of this year.

  • Staff Report
  • Published: 23:59 April 28, 2008
  • Gulf News

Dubai: Real estate developer RAK Properties on Monday reported a net profit of Dh114.58 million for the first three months of this year.

Earnings per share were 5.7 fils and it marked an increase of 11 per cent on the corresponding period in 2007.

The company said it concluded Dh564 million worth of sales in residential and commercial units between January and March, registering an increase of 232 per cent compared with the corresponding period last year.

"Although the company has recorded substantial sales, revenue recognition has been postponed until such time costs can be reasonably attributed to individual units and beneficial ownership has been transferred to buyers. As a result the profit and loss account does not show the revenue from sales," it said in a statement.

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