Dubai – Mubasher: Damac Properties on Wednesday said its profits retreated 20.5% year-on-year in the third quarter of 2017.
The company’s profits reached AED 719.34 million ($195.8 million) in Q3-17, compared to AED 901.96 million ($245.51 million) in Q3-16, according to bourse statement.
Year-on-year, revenues surged 31.6% to AED 2.29 billion, while sales’ cost levelled up 70% to reach AED 1.33 billion.
At the level of the first nine months of 2017 the firm’s profits slid 20% to reach AED 2.30 billion, compared to AED 2.84 billion in the same period in the year earlier.
Operating profits went down 17.5% to AED 2.35 billion in the first nine months of 2017, from AED 2.84 billion in the same period in the year earlier.
