Damac 2013 full-year profit triples as Dubai real estate booms - Business Intelligence Middle East - bi-me.com - News, analysis, reports:
"Real Estate Development Ltd., the Dubai-based developer that started trading in London in December, said full-year profit tripled as sales climbed and margins widened.
Net income rose to $641.5 million from $212.5 million a year earlier, the company said today in its first earnings report since the listing. Revenue increased 77 percent to $1.22 billion. Bookings jumped to $2.46 billion from $661 million a year earlier.
Damac, headed by founder Hussain Sajwani, started projects including Hollywood-themed apartment towers and a Trump International golf course last year. The company in November said it generated a first-half profit of $332 million and had assets valued at $2.3 billion."
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