Missing analysts' estimates Damac reports 21 per cent plunge in second quarter profit

Damac Properties, the Dubai-based real estate developer and business partner of US President Donald Trump in the emirate, said second quarter net profit fell 21 per cent, missing analysts’ expectations, on the back of a slowing property market.

Net profit fell to Dh704.8 million the three months ended June compared to Dh886.8 m in the same period last year. Revenues fell 11 per cent to Dh1.57b compared to Dh1.75b in the corresponding period last year, it said.

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