DAMAC quarterly profit down 87 pct as Dubai property prices tumble | Reuters:
Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, reported a nearly 60 percent fall in full year profit on Thursday, while its profit in the fourth quarter tumbled 87 percent.
DAMAC posted a full year net profit of 1.15 billion dirhams ($313 million) for 2018. According to Reuters calculations, the firm’s fourth quarter net profit was about 58 million dirhams.
EFG Hermes had forecast the firm would make a fourth-quarter net profit of 214 million dirhams.
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