Dubai’s Damac Properties Q2 net profit drops 37.4%

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 Dhs886.8m ($241.4m) for the three months to June 30, according to a statement to Dubai’s bourse. This was down from Dhs1.42bn a year earlier.

EFG Hermes forecast the firm would make a quarterly net profit of Dhs771m.

For the first half of the year, Damac’s net profit was Dhs1.94bn, down 27 per cent from the same period of last year.