Dubai's DAMAC Properties Q3 profit dives 68 pct | Reuters

Dubai's DAMAC Properties Q3 profit dives 68 pct | Reuters:

Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, on Wednesday reported a 68 percent plunge in third-quarter net profit as revenue dropped.

The developer reported a net profit of 230.8 million dirhams ($62.8 million) for the three months ended Sept. 30, according to a statement to Dubai’s bourse.

This compared with a 719.3 million dirhams profit in the year-ago period. EFG Hermes forecast the firm would make a quarterly net profit of 340 million dirhams.