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Eshraq Properties advances as Q1 profit rises 10-fold
- United Arab Emirates: Monday, May 13 - 2013 at 14:55
The Abu Dhabi equity market measure ADX General Index ended up 0.43% at 3,418.93 points. Eshraq Properties advanced 1.72% to hit Dhs0.57. Earlier in the day, Eshraq sait it earned in the first quarter an audited profit of Dhs103.4m, up from Dhs10.77m in the same period last year. The result was boosted from higher revenues from the sale of land and because Eshraq managed to slash the general and administrative expensed by 57%. Shares of Ras al-Khaima (RAK Ceramic closed flat at Dhs1.83. In the first three months this year, the world's biggest manufacturer of ceramics achieved a net income of Dhs54.3m, up 8.8% year-on-year. Regarding the future outlook, RAK Ceramics said it aimed to expand its export markets and it was confident that the "recovery in Europe" would pave way for speedy collections and better realizations. Some 240m shares were traded in Abu Dhabi, valued at Dhs250m.
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Gérard Al-Fil, Financial JournalistMonday, May 13 - 2013 at 14:55 UAE local time (GMT+4)
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