Dubai’s Damac Properties Q3 profit slips 11.7%

Dubai’s DAMAC Properties reported a 11.7 per cent fall in third-quarter net profit on Monday as revenue slipped.

The developer reported a net profit of Dhs902.0m ($245.6m) for the three months ended September 30, according to a statement to Dubai’s bourse. This is down from Dhs1.02bn a year earlier.

EFG Hermes forecast the firm would make a quarterly net profit of Dhs707.0m.

DAMAC’s third-quarter revenue was Dhs1.75bn. This compares with Dhs2.02bn a year earlier.