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DAMAC turns to losses in Q1-20

DAMAC turns to losses in Q1-20
Losses amounted to AED 106 million during the first quarter
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Dubai – Mubasher: DAMAC Properties has reported losses of AED 106 million during the first quarter (Q1) of 2020, against a profit of AED 31.1 million for the same period of 2019.

The value of the company’s assets fell to AED 23.3 billion, while its debt amounted to AED 3.5 billion and cash liquidity reached AED 4.6 billion.

The real estate developer revealed that it has successfully reduced its debt by AED 362 million over Q1-20.

Moreover, shareholder value settled at AED 14 billion by the end of March 2020.

Last year, the company posted AED 36.88 million in losses, versus a profit of SAR 1.15 billion by the end of 2018, as revenues declined by 28.3% to about AED 4.4 billion, down from AED 6.13 billion.

DAMAC’s Senior Vice President, Niall McLoughlin, recently told Mubasher that the company is committed to delivering its projects on time.