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RAK Properties’ profit slides in first quarter
ABU DHABI — RAK Properties reported a net profit of Dh 42.63 million in the first quarter of the current year, marking a significant decline from Dh 70 million achieved in the corresponding period last year.
The Earning Per Share or EPS also declined from Dh 0.035 in the first quarter of 2009 to Dh 0.021 in the first three months of this year, according to the report of the company directors posted on the website of Abu Dhabi Securities Exchange or ADX.
The report said the company did not hand over any property in the first quarter of this year. The company is scheduled to hand over property starting from second quarter onward and would be able to realize revenue then, the report said.
The value of the company’s non-current assets which include investment properties, trading properties under development, stood at Dh 3.26 billion as on March 31, 2010, as against Dh 2.64 billion on March 31 2009 . The company’s current assets amounted to Dh 1.69 billion, on March 31, 2010. The current assets included trading properties under development valued at Dh 597 million and cash balance amounted to Dh 664 million, the report said.
The company has also obtained a term loan of Dh 551 million in 2009 and it will be due for settlement in 2014.
The report disclosed that the banks were still reluctant to support the real estate industry, and ‘therefore we will be compelled to manage the project development with available cash.’’
“The year 2010 is yet to see the favourable economic climate. The real estate industry has started seeing limited recovery in some geographical areas and is expected to take more time (for further recovery) if the liquidity support is not forthcoming,’’ the report said..
The company had a net cash balance of Dh 637 million to support the projects under development, on March 31. — ramavarman@khaleejtimes.com
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