Dubai developer DAMAC Properties, contractor Arabtec Q2 profits drop - Reuters:
Property developer DAMAC Properties Dubai Co PJSC reported a nearly 87% drop in second-quarter net profit on Wednesday, hurt by the emirate’s slumping property market.
DAMAC, owner and operator of the only Trump-branded golf club in the Middle East, said in a statement its net profit in the three months ended June 30 fell to 50.6 million dirhams ($13.78 million) from 378.2 million dirhams a year ago.
The results still beat analyst expectations from regional investment bank EFG-Hermes, which expected the developer to report a profit of 37 million dirhams.
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