Mubasher: First Dubai for Real Estate Development achieved a positive turn in financials during the fourth quarter of 2017 against a loss in the same period last year.
The real estate firm recorded KWD 3.92 million ($13.1 million) profits in Q4-17 against a loss of KWD 563,000 ($1.9 million) in Q4-16, according to a bourse filing on Monday.
During fiscal year 2017, First Dubai for Real Estate registered a growth of 266.2% in profits to KWD 5.64 million from KWD 1.54 million in FY16.
The increase in profits is attributed to a higher fair value of investment properties by KWD 2.1 million as well as an increase of KWD 1.2 million in other revenues.
In the first nine months of 2017, profits decreased by 18.1% to KWD 1.72 million compared to KWD 2.1 million in 9M-16.
