RAK Properties record steep declines in net profit

Dubai: RAK Properties recorded a sharp decline in net profit and revenues during the first quarter, with numbers of Dh14.85 million (down from Dh42.17 million in Q1-2014) and Dh46.75 million (Dh85.73 million a year ago).

Total assets are now Dh4.7 billion. The company said a number of hospitality, residential and commercial projects are on the anvil. It had earlier announced a dividend of Dh100 million (5 per cent of share capital) for 2014.