Damac Properties Q2 net profit drops 37.4 percent

A Bugatti car is seen by the Damac Properties stand launching the world’s first Bugatti-branded homes at the 2015 Cityscape Global exhibition in Dubai. (File: AP)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:49 - GMT 06:49