Dubai’s DAMAC Properties third-quarter profit down 20 pct

Dubai-based DAMAC Properties, reported a third consecutive profit decline on Wednesday as costs of sales rose. (Supplied)

Dubai’s DAMAC Properties, the owner and operator of the only Trump-branded golf club in the Middle East, reported a third consecutive profit decline on Wednesday as costs of sales rose.

The developer’s profit fell 20 percent in the July-September period to 719.34 million dirhams ($195.86 million) compared with the same quarter a year prior when it reported a 902 million dirham profit.

Revenue rose by 31 percent to 2.29 billion dirhams, and the cost of sales increased to 1.3 billion dirhams, from 788.6 million in the year-earlier period.

DAMAC, Dubai’s second-largest developer, hosted US President Donald Trump’s eldest sons Donald Trump Jr. and Eric Trump in February for the opening of the Trump International Gulf Club Dubai.

Trump World Golf Club Dubai, a second golf project planned by DAMAC, is set to open by the end of 2018.

Sajwani has said that there are no more projects planned with the Trump Organization.

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Last Update: Wednesday, 20 May 2020 KSA 14:01 - GMT 11:01
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