Dubai – Mubasher: Damac Properties’ stock declined to the lowest level in 23 sessions following the announcement of second-quarter financials.
The stock fell 2.04% by 12:20 am UAE time to AED 3.84; its lowest level since 12 July. Turnover amounted to AED 16.5 million after trading 4.34 million shares through 224 transactions.
The real estate sector declined 0.28%, while the main index went down 0.19%.
Damac reported a 20.5% decline in its profits to AED 704.79 million ($191.8 million) in Q2-17, compared to AED 886.83 million ($241.4 million) in Q2-16.
In the first half of 2017, profits fell 18% to AED 1.59 billion from AED 1.94 billion in the prior-year period.
