Dubai's Damac Properties reported a 37.4 percent fall in second-quarter net profit on Sunday.
The developer reported a net profit of 886.8 million dirhams ($241.4 million) for the three months to June 30, according to a statement to Dubai's bourse. This was down from 1.42 billion dirhams a year earlier.
EFG Hermes forecast the firm would make a quarterly net profit of 771 million dirhams.
For the first half of the year, Damac’s net profit was 1.94 billion dirhams, down 27 percent from the same period of last year.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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