Dubai-based developer Damac Properties has said its net income dropped 15 per cent as revenues dropped.

The developer behind several residential projects in the emirate reported a net profit of AED1.05bn ($285.9m) for the three-month period ending 31 March, according to a statement to Dubai Financial Market where its shares are traded.

The developer’s first quarter revenue reached AED1.62bn, which compares with AED2.43bn from a year earlier. Cash and bank balances stood at AED9.42bn, while development properties was recorded at AED9.42bn, at the end of first quarter of this year.

The company expects to deliver about 2,700 to 3,000 units across its portfolio in 2016. It delivered 306 units in Damac Maison Royale project in Business Bay area of the emirate, according to the statement.

The company had launched a six-tower project, called Aykon City, on Sheikh Zayed road, overlooking Dubai Canal in February. 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 an 80-storey Aykon Hotel and Residences, a 63-storey Damac Maison Serviced Hotel Residences, a 60-storey apartment tower, a 65-storey office tower and two 30-floor ultra-luxury residential towers.

The project sales value is estimated at AED7.4bn and construction is due to start before the second half of the year with a completion date of 2021.

On 18 February MEED reported that Damac had purchased plots of land worth AED1.26bn in the location where the project is planned.