Dubai’s Damac Properties Q2 net profit declines

Dubai-listed Damac Properties reported a net profit of AED 701.3 million for the second quarter of 2017, a decrease from AED 886.8 million posted in Q2 last year.

Net profit for first six months of the year stood at AED 1.6 billion, down from AED 1.9 billion in the same period last year.

Revenues for the six-month period came in at AED 3.5 billion, the company said in a bourse statement.

Damac’s booked sales for H1 stood at AED 4 billion, as of June 30.

Total cash and bank balances were AED 8.6 billion, while earnings per share for H1 came to AED 0.26. Gross debt stood at AED 5.4 billion as on June 30.

“Damac’s strong H1 sales performance can be attributed to continued demand for a number of our projects including Aykon City, Damac Hills and Akoya Oxygen,” chairman Hussain Sajwani said in the statement.