Eshraq Properties swings to net profit in second quarter

Dubai: Eshraq Properties said on Monday it swung into net profit in the second quarter to June despite a fall in revenues.

Eshraq Properties recorded a net profit of Dh636,000 in the second quarter to June, compared to a loss of Dh101.4 million in the year ago quarter.

Revenues came in Dh5.5 million in the second quarter of 2017, against Dh6.2 million in the same period last year.

Separately the company said it has awarded a contract worth Dh144 million to Al Sweidi & Shams for executing the main works of the Marina Rise project in Al Reem Island in Abu Dhabi.