Eshraq Properties (Eshraq), an Abu Dhabi-based real estate company, has achieved a net profit of Dh7.75 million ($2.2 million) for the first quarter compared to a net loss of Dh950,000 ($258600) for the same period last year.

The real estate company listed on Abu Dhabi Securities Exchange continues its turnaround strategy under the new leadership as it reported its fourth continuous profitable quarter.

Announcing the results, Eshraq said its hospitality and leasing business has maintained above 90 per cent occupancy levels across all its assets in Dubai and the US.

The group said it was on track and within budget on its development projects in Abu Dhabi and Dubai.

The work on its Marine Rise project at Abu Dhabi’s Reem Island, was progressing well with the shoring works currently in its final stages.

Eshraq said the construction of the project was set to be completed by the second quarter of 2020.

On the performance, Chairman Jassim Alseddiqi remarked: "We are very proud of Eshraq’s turnaround and remarkable performance over the past twelve months. The results show a stellar return to profitability compared to the same quarter last year."

"We are committed to making Eshraq one of the most coveted real estate developers in the UAE and to deliver significant returns to shareholders," he noted.

The Abu Dhabi property firm said it was on track to appoint a new contractor for its project in Jumeirah Village Circle, Dubai by the end of the second quarter.

Also the firm would soon be awarding the design contract for its flagship Gateway project in Maqta area of Abu Dhabi, it added.-TradeArabia News Service