Dubai developer Damac Properties has reported a 37.4 per cent decline in its second-quarter profits, according to a company statement.

The developer reported a net profit of AED886.8m ($241.4m) for the three months to 30 June, according to a statement posted on the Dubai Financial Market (DFM).

This is down from AED1.4bn for the same period in 2015.

For the first half of the year, Damac’s net profit was AED1.94bn, down 27 per cent from the same period last year.

The firm also recently announced it awarded 25 construction contracts valued at a combined AED3bn in the first six months of 2016.

The contracts include the main packages for more than 2,678 villas at the Akoya Oxygen master-development, as well as the main package for the Golf apartment buildings at Carson – The Drive at Akoya, according to a statement.

In February this year, Damac launched a six-tower project called Aykon City on Sheikh Zayed Road, overlooking the Dubai Canal.

The 371,612-square-metre project, located on the eastern and western sides of Dubai’s main artery, is being developed in collaboration with the local Meraas.

Aykon City will comprise the 80-storey Aykon Hotel and Residences, the 63-storey Damac Maison Serviced Hotel Residences, a 60-storey apartment tower, a 65-storey office tower, and two 30-floor luxury residential towers.