Eshraq profits plunge by 73% in first quarter

Dubai. Eshraq Properties reported on Sunday a 73 per cent plunge in its net profit for the first quarter of 2019, as it made some losses on investments and saw lower operating income.

The company’s profit fell to Dh2.1 million from to Dh7.7 in the same quarter of 2018, as revenues also slid by about 7 per cent to Dh6.7 million.

Eshraq did not discuss the decline in its earnings, but its financial statement showed that it recorded a Dh1.4-million-loss from investments in the quarter, compared to Dh5.3 million in gains in the first quarter of last year.