RAK realty firm reports Dh114.58m net profit

Real estate developer RAK Dubai Properties on Monday announced net profit of Dh114.58 million for the first three months of this year.

Earnings per share were 5,7 fils, and it marks an increase of 11 per cent for the corresponding period in 2007.

The Dubai Property company said it had concluded Dh564 million U.S. from sales in residential and commercial units in the period from January to March, registering 232 per cent increase compared with the corresponding period last year.

"Although the company has achieved significant sales, revenue recognition was deferred until such costs can be reasonably attributed to individual units and beneficial ownership has been transferred to the buyers. As a result, profit and loss account shows no profit from sales," he said in a statement for Dubai property.