Dubai – Mubasher: Damac Properties on Wednesday said that net profits retreated 53% in the first nine months, compared to the year-ago period.
Damac’s profits amounted to AED 1.092 billion during the nine-month period ended September, down from AED 2.304 billion a year earlier, according to a statement to the Dubai Financial Market (DFM).
Operating revenues plunged 98% to AED 5.1 million from January to September, compared to AED 287.5 million in the year before.
On the other hand, financing costs rose 22% to AED 244.6 million in the January-September period of this year, from AED 199.9 million in the corresponding period last year.
Damac Properties delivered 3,800 residential units in the nine-month period this year, up from 1,923 ones in the year-ago period.
