Damac 9-months to Sept net profit falls 23%

Dubai

Damac Properties said on Monday its net profit for the nine months to September fell 23 per cent.

Net profit for the reporting period fell to be at Dh2.84 billion on revenues of Dh 5.12 billion.

The company reported the delivery of over 800 units in the third quarter of 2016 in AKOYA by DAMAC development, bringing the total deliveries for nine months to September to over 1,300 units.

“The Dubai market remains resilient. The levels of interest in our new product launches and existing portfolio are healthy,” Hussain Sajwani, Chairman of DAMAC Properties said in a statement.