RAK Properties records $5.6m profit
United Arab Emirates real-estate developer RAK Properties PJSC recently announced that it had recorded a profit of 20.4 million dirhams ($5.6 million) for the third quarter of the current year 2006.
The firm had previously raised $17 billion from an April 2005 initial share sale, according to Khaleej Times. RAK reported costs of 7 million dirhams and earnings per share of 1.02 fils for the period.
The Ras Al Khaimah company earned 26 million dirhams from 'finance income' and 1 million dirhams from 'other income,' it said in a statement disclosed to the UAE's Securities and Commodities Authority earlier in the week. The company's shares, however, lost 55 per cent of their value this year after they began trading on the Abu Dhabi Securities Market on October 30.
The company began selling homes in Ras Al Khaimah in February and in May said it plans to build a $3 billion beachfront eco-resort in the emirate, one of seven in the UAE currently.