Dubai property firm DAMAC says profit tripled in 2013

Revenue for the year grew 77 percent to $1.2 billion

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Dubai luxury real estate developer DAMAC on Tuesday said its 2013 profit tripled on the back of increased sales, as the emirate's property market recovers.

DAMAC, which listed its shares on the London Stock Exchange in December, posted a profit of $641.5 million last year compared with $212.5 million in 2012, it said in a statement, without saying what profit measure it was referring to.

Revenue for the year grew 77 percent to $1.2 billion.

The developer said it booked sales worth $2.5 billion in 2013 compared with just $661 million in the prior year.

Property prices in Dubai have rebounded by over 20 percent having slumped more than 50 percent from a 2008 peak when a real estate market crash sparked a debt crisis.

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