DUBAI, May 15 (Reuters
) - Dubai's DAMAC Properties
reported a 16.2 percent fall in first-quarter net profit on Monday as sales costs rose.
The developer reported a net profit of 880.4 million dirhams ($239.7 million) for the three months to March 31, down from 1.05 billion dirhams in the same period last year, according to a statement to Dubai's bourse.
The property firm's first-quarter revenue was 1.95 billion dirhams, up from the 1.62 billion dirhams it posted in the same period a year earlier. The firm's cost of sales rose to 887.3 million dirhams in the quarter, from 632.0 million dirhams in the same period of last year.
($1 = 3.6726 UAE dirham)
(Reporting by Tom Arnold; Editing by Sunil Nair) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters