UAE- Manazel Real Estate earns net profit of AED 45 million in H1 2015

8/16/2015 5:19:52 AM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI 16th August 2015 (WAM) -- Manazel Real Estate today announced its results for the six months ended 30th June 2015 (H1 2015) earning a net profit of AED45 million up by 179% from AED16.1 million in first half of 2014.

Listed on the Abu Dhabi Securities Exchange the company says that the profit is largely driven by improved margins from sale of properties reduction in financing cost and mark to market of investment properties. The revenues of the company stood at AED262.8 million compared to AED284.5 million as the handover of Al Reef Downtown was completed in 2014.

EBITDA- earnings before interest taxes depreciation and amortization during the period was AED 77.9 million up by 39% from AED 56.1 million. This is attributable to Manazel's cost management programme which also included renegotiations with existing banks to reduce financing costs.

WAM/AAMIR/Moran

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.