Eshraq Properties reports smaller loss for quarter

The property developer that teamed up with Mubadala earlier this year has posted a narrower loss than the same time last year.

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Eshraq Properties on Monday said its first-quarter comprehensive loss narrowed year on year as revenue rose.

The developer which last month teamed up with Mubadala Development Company to develop plots on Abu Dhabi’s Reem and Al Maryah Islands, said first quarter total comprehensive loss was Dh955,000 against a loss of Dh1 million in the same period last year. Revenue rose to Dh6.9m from 6.26m a year earlier.

The joint venture company with Mubadala will develop land plots in Abu Dhabi owned by Mubadala on Al Maryah Island and by Eshraq Properties on nearby Al Reem Island.

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