Dubai's DAMAC Properties reported a 11.7 percent fall in third-quarter net profit on Monday as revenue slipped.
The developer reported a net profit of 902.0 million dirhams ($245.6 million) for the three months ended Sept. 30, according to a statement to Dubai's bourse. This is down from 1.02 billion dirhams a year earlier.
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EFG Hermes forecast the firm would make a quarterly net profit of 707.0 million dirhams.
DAMAC's third-quarter revenue was 1.75 billion dirhams. This compares with 2.02 billion dirhams a year earlier.
($1 = 3.6724 UAE dirham)
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