Prof­its are up for HSBC in third quar­ter

7 Days in Dubai - - BUSINESS -

RAK Properties has re­ported in­creased prof­its for the first nine months of 2016. The firm, which is listed on the Abu Dhabi Stock Ex­change, said rev­enues were in ex­cess of Dhs305 mil­lion from Jan­uary to Septem­ber 2016. The re­sults re­vealed a 187.9 per cent in­crease in net prof­its when com­pared to the same pe­riod in 2015 – up to Dhs79.15 mil­lion from Dhs27.49 mil­lion. Sim­i­larly, rev­enues over the cor­re­spond­ing nine-month pe­riod in­creased from Dhs133.8 mil­lion in 2015 to Dhs305.47 mil­lion this year. It said that, to date, RAK Properties’ to­tal as­sets are val­ued at Dhs4.76 bil­lion as of Septem­ber 30, 2016, an in­crease on the Dhs4.75 bil­lion recorded on De­cem­ber 31, 2015. Man­ag­ing Di­rec­tor and CEO Mo­hammed Sul­tan Al Qadi, said: “Com­par­ing the cur­rent year-to-date fig­ures with those of last year high­light strong in­creases in both rev­enue and profit. I ex­pect this to con­tinue.” Ear­lier this year RAK Properties an­nounced plans for a Dhs5 bil­lion de­vel­op­ment at Mina Al Arab. HSBC Corp said yes­ter­day its lat­est quar­terly profit rose nearly 7 per cent over a year ear­lier. Profit in the third quar­ter rose to $5.6 bil­lion, HSBC re­ported. Rev­enue rose 2 per cent to $12.8 bil­lion. Rev­enue rose in ev­ery global re­gion, said chief ex­ec­u­tive Stu­art Gul­liver in a state­ment. He said an ini­tia­tive to cut costs has achieved $2.8 bil­lion of an­nu­alised sav­ings. The lat­est fig­ures were an im­prove­ment over the first half of the year, when HSBC said profit fell 29 per cent due to mar­ket volatil­ity and un­cer­tainty about China’s out­look and Bri­tain’s fu­ture in Europe. “Our third-quar­ter per­for­mance re­flected the strength of our net­work and the deep­en­ing im­pact of our strate­gic ac­tions,” said Gul­liver’s state­ment. “Our global uni­ver­sal bank­ing model gen­er­ated higher ad­justed rev­enue than for the same pe­riod last year.” The bank said it rec­og­nized a $1.7 bil­lion loss on the sale of its Brazil unit to Banco Brade­sco SA, which was com­pleted on July 1.

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