Dubai-Mubasher: Damac Properties reported a year-on-year decrease of 14.6% in its first-quarter profits, according to a bourse filing.
Net profits reached AED 1.05 billion ($286 million) in Q1-16, compared to AED 1.23 billion ($335 million) in Q1-15.
Revenues stood at AED 1.62 billion ($441.06 million) in Q1-16, down 33.3% from AED 2.43 billion ($661.59 million) in Q1-15.
Meanwhile, finance costs rose to AED 43.5 million ($11.84 million), compared to AED 33.5 million ($9.12 million) in Q1-15.
