Dubai's DAMAC loses $148.3 million in third quarter | Reuters
Dubai developer DAMAC Properties DAMAC.DU on Thursday reported a 544.6 million dirham ($148.3 million) third-quarter loss, warning a recovery from the coronavirus crisis was possibly still some time away.
The pandemic is adding pressure to Dubai’s already weakened property market that for years has seen supply outstrip demand for new houses and apartments.
While revenue climbed 43% to 1.3 billion dirhams in the July-September period, the owner of the only Trump-branded golf course in the Middle East swung to a quarterly loss from a 60 million dirham profit in the same period a year ago.
It was the company’s fourth consecutive quarterly loss, according to Refinitiv data.
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