|14 February, 2017

Dubai's DAMAC Properties posts 1.3 pct rise in Q4 net profit

Developer reported a net profit of $232.7mln for the three months to Dec. 31

DUBAI, Feb 14 (Reuters) - Dubai's DAMAC Properties reported a 1.3 percent rise in its fourth-quarter net profit on Tuesday, according to Reuters calculations.

The developer reported a net profit of 854.6 million dirhams ($232.7 million) for the three months to Dec. 31, 2016, Reuters calculated in the absence of a quarterly breakdown. This was up from 844 million dirhams reported for the year-ago period.

Full-year 2016 net profit was 3.69 billion dirhams, down from 4.51 billion dirhams in 2015, the company said in a statement.

The company said its shareholders had approved the distribution of a cash dividend of 0.25 dirhams per share for 2016. That compares with 0.15 dirhams per share for the previous year. ($1 = 3.6726 UAE dirham)

(Reporting By Tom Arnold; Editing by Subhranshu Sahu) ((; +97144536265; Reuters Messaging: