Dubai-based Damac Properties witnessed 37.4 % decline in profit in the second quarter of 2016, reported Arabian Business.

The company registered a total net profit of AED 886.8 million by Junes 30, compared to last year’s AED 1.42 billion. The developer also recorded AED 3.37 billion in revenues in the first half of 2016, where gross profit recorded 59%.

The current net profit stands at AED 1.94 billion, which marks a 27% decline compared to the first half of 2015. However, total assets rose to AED 23.51 billion by June 30, 2016, compared to AED 23.45 billion at the end of 2015.

Damac Chairman Huassain Sajwani stated that Dubai’s market is steady and that there is a high level of interest in the new products, as the company’s portfolio remains stable, according to Trade Arabia.

Damac developed Aykon City in the first half of 2016 on Sheikh Zayed Road and will further contribute in other projects, such as Akoya and Akoya Oxygen.

The company will launch the 60 storey residential tower in Aykon City after launching the hotel and apartments’ tower in the same development in the first quarter.