Damac profits fall in the final quarter of 2015

11 February 2016

Booked sales for the year stood at $2.47bn with the company completing over 2,600 units in 2015

Dubai’s Damac Properties reported a 12 per cent fall in fourth-quarter net profit on Thursday, according to a company statement on the Dubai stock exchange (DFM).

The developer reported a net profit of AED844m ($229.8m) for the three months to 31 December, according to calculations by Reuters, which calculated was the absence of a quarterly breakdown. This was up from AED959.3m a year earlier.

Damac’s 2015 full-year profit was AED4.51bn ($1.227bn), up from AED3.48bn in 2014, the company said in a statement.

Booked Sales for the year stood at $2.47bn with the company completing over 2,600 units in 2015 including units at the Akoya by Damac scheme.

Damac’s current projects include a 56-storey residential tower in Dubai Media City and the 42 million square-foot Akoya development.

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