Dubai’s Damac Properties Q1 net profit declines 16%

Dubai-listed Damac Properties reported a net profit of AED 880.4 million for the first quarter of 2017, a 16.2 percent year-on-year decline, the developer said in a bourse statement on Monday.

Damac recorded revenues of AED 1.95 billion in Q1 2017, up from AED 1.62 billion last year. Total assets increased by 6.3 percent to AED 26.2 billion compared to AED 24.6 billion at year-end 2016.

The cost of sales rose to AED 887.3 million in the quarter, from AED 632 million last year.

Earnings per share slipped to AED 0.15, from AED 0.17 in Q1 2016.

“Despite the challenging market conditions, our medium to long term outlook remains positive,” Hussain Sajwani, chairman of Damac, said in the statement.