The drop in land values have resulted in a loss for Abu Dhabi’s Eshraq Properties in 2016, the company reported, filing on the Abu Dhabi stock exchange on Sunday.
Eshraq posted a net loss of $156m (AED575m) for 2016 compared with a net profit of $435,611 (AED1.6m) a year earlier, claiming that it had taken an impairment of $161m (AED593m) on the value of land it held, The National reported.
The value of the company’s total assets had fallen 8.8% during the year to $563m (AED2.07bn) from $618m (AED2.27bn) a year earlier.
Last month Eshraq said it was pressing ahead with a series of projects in Abu Dhabi and Dubai, starting work on $61m (AED225m) Jumeirah Rise project in Jumeirah Village Circle last fall.
In November, chairman of Eshraq Properties Jassim Mohamed Al Seddiqi unveiled plans for several projects the company is expecting to complete by 2021, including the Gateway Mix Used Buildings located in Sas Al Nakheel in Abu Dhabi.