Damac Properties Q1 profit down 16.2%

Dubai’s Damac Properties reported a 16.2 per cent fall in first-quarter net profit on Monday as sales costs rose.

The developer reported a net profit of Dh880.4 million for the three months to March 31, down from Dh1.05 billion in the same period last year, according to a statement to Dubai’s bourse.

The property firm’s first-quarter revenue was Dh1.95bn, up from the Dh1.62bn it posted in the same period a year earlier. The firm’s cost of sales rose to Dh887.3m in the quarter, from Dh632m in the same period of last year.

* Reuters

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