Dubai’s Damac Q1 profit down 15% on lower revenues

Dubai’s Damac Properties reported a 15 per cent fall in first-quarter net profit on Monday as revenue dropped.

The developer reported a net profit of Dhs 1.05bn ($285.9m) for the three months to Mar. 31, according to a statement to Dubai’s bourse. This was down from Dhs 1.23bn a year earlier.

Damac’s first-quarter revenue was Dhs 1.62bn. This compares with Dhs 2.43bn a year earlier.