RAK Properties' profit declined by 55 per cent in the third quarter compared with the same period last year, despite the handover of units in three developments.
The Ras Al Khaimah developer's revenue increased to Dh201 million (US$54.7m) from Dh68m in the third quarter last year, as it completed the sale of apartments and villas in Julphar Towers and the Mina Al Arab projects in RAK, as well as the RAK Tower on Reem Island in Abu Dhabi.
But profit fell to Dh30.3m compared with Dh67.5m, as the cost of sales increased to Dh142m, up from Dh43m last year. The company did not explain the increase in a statement posted on the Abu Dhabi Securities Exchange.
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