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|18 October, 2017

Dubai's DAMAC Properties third-quarter profit down 20%

Dubai's DAMAC Properties reported a total comprehensive income of $195.86mln for the three months to Sept. 30

Image used for illustrative purpose. Cavalli will provide the interior design for at least five luxury hotels, starting with a first one to be built in Dubai by 2023.

Image used for illustrative purpose. Cavalli will provide the interior design for at least five luxury hotels, starting with a first one to be built in Dubai by 2023.

DAMAC/ Handout via Thomson Reuters Zawya
DUBAI - Dubai's DAMAC Properties , the owner and operator of the only Trump-branded golf club in the Middle East, reported a third consecutive profit decline on Wednesday as costs of sales rose.

The developer's profit fell 20 percent in the July-September period to 719.34 million dirhams ($195.86 million) compared with the same quarter a year prior when it reported a 902 million dirham profit.

Revenue rose by 31 percent to 2.29 million dirhams, and the cost of sales increased to 1.3 billion dirhams, from 788.6 billion in the year-earlier period.

DAMAC, Dubai's second-largest developer, hosted U.S. President Donald Trump's eldest sons Donald Trump Jr. and Eric Trump in February for the opening of the Trump International Gulf Club Dubai.

Trump's brand to the Middle East has improved since he visited Saudi Arabia in May to meet with regional leaders, DAMAC Chairman Hussain Sajwani told Reuters in August.

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Trump World Golf Club Dubai, a second golf project planned by DAMAC, is set to open by the end of 2018.

Sajwani has said that there are no more projects planned with the Trump Organization. ($1 = 3.6726 UAE dirham)

(Reporting by Alexander Cornwell and Hadeel Al Sayegh) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))