High provisions hit RAK Properties in Q2.
Summary: Developer to put more focus on maximising property handovers, sales and leasing
RAK Properties has said its second-quarter net income dropped 30.5% to $6.26m,compared with $9m, on higher provisions for the quarter, as the Ras Al Khaimah-based property developer booked higher provisions for the quarter.
Provisions for impairment on investments and other receivables surged to $6.4m from $435,600 a year ago. The developer of the Mina Al Arab Lagoon District said it plans to put more focus in the coming period on maximising property handovers, sales and leasing.
"Our target for this year is to maximise the property handover to our valuable customers and maximize the sales and leasing," RAK Properties said.
Earlier this year, the company announced it will be adding a new revenue stream to by launching retail and leasing services in Mina Al Arab and Julphar Towers.
Colliers International was appointed to manage the retail development consultancy and leasing operations for the company's flagship complexes.
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