DAMAC's third quarter profit plunges 78% - Reuters:
DAMAC Properties DAMAC.DU, owner of the only Trump-branded golf club in the Middle East, reported on Wednesday a 78% drop in third quarter profit amid an extended slowdown in Dubai’s property sector.
A supply glut has slowed the market for most of the decade, apart from a brief pickup more than five years ago, sending residential property prices down by at least a quarter since 2014.
DAMAC made 50.9 million dirhams ($13.9 million) in the three months to Sept 30, compared to 230.8 million dirhams a year earlier.
Revenue fell 42% to 895.4 million dirhams.
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