(MENAFN- Khaleej Times)Manazel Real Estate today announced its results for the six months ended 30th June 2015 (H1 2015) earning a net profit of Dh 45 million up by 17 per cent from Dh16.1 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 Dh 262.8 million compared to Dh 284.5 million as the handover of Al Reef Downtown was completed in 2014. EBITDA- earnings before interest taxes depreciation and amortization during the period was Dh 77.9 million up by 39per cent from Dh 56.1 million. This is attributable to Manazel's cost management programme which also included renegotiations with existing banks to reduce financing costs.
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