Dubai’s Damac Properties Q2 net profit falls 37%

14/08/2016 Argaam

Dubai’s Damac Properties reported a 37.4 percent drop in net profit to AED 886.8 million for the second quarter, compared with AED 1.42 billion in Q2-2015, the developer said in a statement on Dubai Financial Market on Sunday.

 

Net profit for the first half stood at AED 1.94 billion, a drop of 27 percent compared to H1-2015. Meanwhile, revenue recorded for the first six months was AED 3.37 billion.

 

Damac plans to deliver between 2,700 and 3,000 units this year, with 494 units delivered in the first half in Dubai and Beirut, it said in a statement to Dubai’s bourse. 

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