Dubai real estate developer DAMAC Properties posts net profits of AED 880.44 mn in Q1 of 2017, down 16.2% compared to AED 1.05 bn in the same period a year earlier, Invest-Gate reports.
Meanwhile, the company’s total assets increase 6.3% y-o-y to reach AED 26.17 bn in Q1. Development properties amount to AED 10.22 bn. Booked sales stand at AED 2.2 bn in the quarter, compared to 2 bn in the same period last year.
In the same quarter of this year, the property developer completed 550 units in its Damac Hills project in Dubai, representing 20% of the overall target of 2,800 units for 2017. February also saw the inauguration of the Trump International Golf Club Dubai at Damac Hills.