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Damac Properties Q2 net profit drops 37.4 percent

Dubai developer’s net profit the first half of the year down 27 per cent from same period last year

Published: Updated:

Dubai's DAMAC Properties reported a 37.4 per cent fall in second-quarter net profit on Sunday.

The developer reported a net profit of $241.4 million (886.8 million dirhams) for the three months to June 30, according to a statement to Dubai’s bourse. This was down from $387 million (1.42 billion dirhams) a year earlier.

EFG Hermes forecast the firm would make a quarterly net profit of $210 million (771 million dirhams).

For the first half of the year, DAMAC's net profit was 528 million (1.94 billion dirhams), down 27 per cent from the same period of last year.