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Damac Properties’ profits fall for second consecutive quarter

Damac Properties’ profits fall for second consecutive quarter

The developer made Dhs704.8m in total comprehensive income for the April – June period

Dubai’s Damac Properties, the owner and operator of the only Trump-branded golf club in the Middle East, reported on Monday a fall in profits for the second quarter in a row.

The developer made Dhs704.8m ($191.9m) in total comprehensive income for the April – June period, according to a statement to Dubai’s bourse. This compares with income of Dhs886.8m in the same period last year.

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

Donald Trump Jr. returned to Dubai in May to give the commencement speech at a local university and also met with Damac’s founder and chairman Hussain Sajwani during his visit.

The property firm’s second-quarter revenue was Dhs1.57bn, down from Dhs1.75bn in the same period a year ago.

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