#Dubai developer DAMAC reports second straight quarterly loss, takes large impairment charges - Reuters

Dubai developer DAMAC reports second straight quarterly loss, takes large impairment charges - Reuters:

Dubai-based DAMAC Properties reported a loss for first-quarter on Wednesday, as the developer took more than 182 million UAE dirham ($49.55 million) in impairment charges.

While the company’s revenue rose 37% to 1.2 billion dirhams, it posted a loss of 106.1 million dirhams compared with a profit of 31 million dirhams a year earlier - its second consecutive quarterly loss, according to Refinitiv data.

The owner of the only Trump-branded golf course in the Middle East booked a 130 million dirhams impairment charge on development properties and a 52.5 million dirhams impairment on amounts owed to the company. 


Chairman Hussain Sajwani in October said developers should self-impose a moratorium on new residential projects for up to two years to help Dubai’s over-supplied market recover.