Abu Dhabi – Mubasher: Eshraq Properties has reported a net profit of AED 7.7 million in the first quarter of 2018.
Financial income registered AED 2.6 million in the three-month period ended 31 March, according to a bourse statement released on Sunday.
“We are very proud of Eshraq’s turnaround and remarkable performance over the past twelve months. The results show a stellar return to profitability compared to the same quarter last year,” Eshraq’s chairman Jassim Alseddiqi commented.
The Abu Dhabi based and listed developer ascribed the achievement of profit during the three months of the year to the change in fair value of financial assets at fair value through profit or loss, which generated AED 5.3 million profit in Q1-18.
Basic and diluted earnings per share hit AED 0.0033 from January to March versus AED 0.0004 in the year-ago period.
“We are committed to making Eshraq one of the most coveted real estate developers in the UAE and to deliver significant returns to Eshraq shareholders,” Alseddiqi said.
