Wednesday , August 10 2022

The decline in earnings is offset by Ashraq Holding's quarterly profits



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Abu Dhabi – Mubasher: The UAE-based Ashraq Real Estate, which is traded on the Abu Dhabi Securities Market, reported a decline in the second quarter as well as a decline in the first half.

Profit fell 72.8% to 1.9 million dirhams at the end of the second quarter of this year, compared with 7 million dirhams in the second quarter of 2018, a statement said in the Abu Dhabi Securities Market.

In the second quarter of 2019, revenue declined 10.1% to 5.3 million Dirhams annually, compared with Dirham 5.9 million in the second quarter of last year.

In mid-term results, it fell by 73% to 4 million AED, compared with 14.8 million AED in the first half of 2018.

The fall in earnings during the current period is due to a 9% decline in revenue to AED 12.1 million from AED 13.2 million, a lower margin of 62.2%, and a loss from a change in the fair value of financial assets through a gain or loss of 1.5 million Dirhams .

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