The UAE-based Eshraq Properties posted a profit for the second quarter of this year after reporting losses for the last two years, the listed real estate firm said.

The company realised a profit of Dh636,000 ($173,155), against a loss of Dh101.4 million ($27.6 million) during the same quarter in 2016.

The board of directors of Eshraq held its fifth meeting of 2017 on August 6 in Abu Dhabi and approved numerous items of the agenda, including the company’s financial statements for the three months ended June 30, 2017.

Jassim Alseddiqi, chairman, stated: “We have successfully stopped the flow of losses in Eshraq and are looking forward for a new era of growth in the company. With a prudent growth strategy, Eshraq will continue to expand on existing projects while increasing our pipeline of future developments to deliver strong results for our investors.”

The board also approved plans to invest in a real estate project on Sheikh Zayed Road, Dubai, that is currently in the design phase. - TradeArabia News Service