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FinancialNews


  • 23-10-17

    Damac increases income ion third-quarter 2017

    (MENAFN) Dubai-listed Damac Properties net profit for the third-quarter fell 20 percent to Dh719.3 million while cost of sales jumped nearly 70 percent to Dh1.33 billion from Dh788.5 million for the same quarter last year.

    Its quarterly operating profit also fell to Dh741.8 million from Dh909.9 million in third-quarter of 2016, while revenues increased from Dh1.74 billion to Dh2.29 billion.

    The company recorded increased sales of 13 percent with total Dh6 billion, while the earnings per share slid from Dh0.15 to Dh0.12.

    Chairman of Damac Properties Hussain Sajwani, said, "Dubai's property market has been steadily solidifying in 2017, with increasing sales transactions and robust fundamentals, and our medium to long term outlook remains positive".

    MENAFN2310201700450000ID1095974659

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