Dubai – Mubasher: The financial statements of DAMAC Properties Dubai Company showed a 77.9% year-on-year decline in profit at AED 50.97 million over the third quarter of 2019, versus AED 230.78 million.

The decline in profit is attributed to lower revenues at around AED 895.364 million over Q3-19 from AED 1.54 billion in the corresponding quarter in 2018, a press release on Wednesday said.

Over the first nine months in 2019, the profits slid to AED 132.6 million, 88% down from AED 1.09 billion a year earlier.

The drop is ascribed to lower revenues by 47% to AED 2.76 billion over the January-September period in 2019, compared to AED 5.22 billion a year earlier, in addition to the profit margin which fell to 30.3% in the same period of the year.   

The decrease is also due to higher general, administrative, and selling expenses by 11% at AED 738.9 million in the nine-month period of 2019 from AED 663.9 million a year earlier.

It is worth noting that over the first half of 2019, the firm recorded net profits worth AED 82 million.