Dubai – Mubasher: Damac Properties has reported a 45% year-on-year decline in net profit during the first quarter of 2018, registering AED 483.9 million ($131.72 million).

The company has attributed that decline to the decrease in revenue as well as the increase in the cost of sales, according to a company statement released on Tuesday.

Damac’s revenue went down to AED 1.89 billion in Q1-18, while the cost of sales grew to AED 1.13 billion.

Operating income decreased by around AED 87 million in the three-month period ended March 2018, recording AED 3 million, the company’s data showed.

In February, Damac posted a 46.7% year-on-year decrease in net profits for the fourth quarter of 2017, registering AED 455.3 million ($123.93 million).