Dubai’s Damac Properties Q2 net profit drops 37.4 per cent

August 14, 2016 10:36 am

A view shows the signboard AKOYA by DAMAC development in Dubai. (Image: Reuters)

Dubai’s DAMAC Properties reported a 37.4 percent fall in second-quarter net profit on Sunday.

The developer reported a net profit of 886.8 million dirhams ($241.4 million) for the three months to June 30, according to a statement to Dubai’s bourse. This was down from 1.42 billion dirhams a year earlier.

EFG Hermes forecast the firm would make a quarterly net profit of 771 million dirhams.

For the first half of the year, DAMAC’s net profit was 1.94 billion dirhams, down 27 percent from the same period of last year. ($1 = 3.6729 UAE dirham)

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By Reuters
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