RAK Properties posted a near 74-percent drop in fourth-quarter profit to 50.9 million dirhams ($13.86m), the latest United Arab Emirates property developer to suffer during a real estate downturn.
RAK Properties, based in the UAE emirate of Ras Al Khaimah, said it lost 60.81 million dirhams in the fair value of investments in 2008, compared with a profit of 29.38 million a year earlier.
It also booked a provision for impairment of 58.86 million dirhams for the year, it said in a statement on the Abu Dhabi bourse website, without giving details.
No comments:
Post a Comment