Dubai – Mubasher: Damac Properties reported a 11.6% decline year-on-year in its profits during the third quarter of 2016, according to a bourse statement.
Profits stood at AED 901.96 million ($245.56 million) in Q3-16, compared to AED 1.02 billion ($277.70 million) in Q3-15.
In the first nine months of 2016, profits fell 22.6% to AED 2.84 billion from AED 3.67 billion in the same period of 2015.
Revenues decreased 24.4% to AED 5.12 billion as at 30 September 2016, compared to AED 6.77 billion as at 30 September 2015.
