DUBAI - Dubai's DAMAC Properties reported a 20 percent fall in third-quarter profit on Wednesday as costs of sales rose.
The developer reported a total comprehensive income of 719.34 million dirhams ($195.86 million) for the three months to Sept. 30, according to a statement to Dubai's bourse. This compared with a 901.96 million dirham profit in the same year-prior period.
The property firm's third-quarter revenue was 2.29 billion dirhams, almost 31 percent higher than the 1.75 billion dirhams it posted in the same period a year earlier.
Cost of sales in the third quarter grew to 1.3 billion dirhams, from 788.6 billion in the year earlier period.
($1 = 3.6726 UAE dirham)
(Reporting by Hadeel Al Sayegh) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))
The developer reported a total comprehensive income of 719.34 million dirhams ($195.86 million) for the three months to Sept. 30, according to a statement to Dubai's bourse. This compared with a 901.96 million dirham profit in the same year-prior period.
The property firm's third-quarter revenue was 2.29 billion dirhams, almost 31 percent higher than the 1.75 billion dirhams it posted in the same period a year earlier.
Cost of sales in the third quarter grew to 1.3 billion dirhams, from 788.6 billion in the year earlier period.
($1 = 3.6726 UAE dirham)
(Reporting by Hadeel Al Sayegh) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))
