RAK Properties Third-Quarter Net Drops 55% on Impairments, Costs

RAK Properties PJSC (RAKPROP), the developer that built Ras Al Khaimah’s first manmade islands, said third- quarter profit dropped 55 percent after it set aside money for impairments and as expenses rose.

Net income fell to 30.3 million dirhams from 67.5 million dirhams a year earlier, the company said in a statement to the Abu Dhabi bourse today. Impairment on available-for-sale investments climbed to 15 million dirhams from 3.2 million dirhams, while expenses increased to 14.4 million dirhams from 6.5 million dirhams.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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