Dubai – Mubasher: DAMAC Properties has logged net losses of AED 386.69 million in the first six months of 2020, against net profits of AED 81.63 million in the corresponding period of 2019.

The net losses are caused by the impact of the coronavirus (COVID-19) outbreak which led to lockdowns and travel restrictions, according to the company's interim financial results for the period ended on 30 June 2020.

The company's revenues recorded AED 2.37 billion in the first half (H1) of 2020, up from AED 1.87 billion in the year-ago period.

The company's booked sales decreased to AED 1.05 billion in the January-June period from AED 1.77 billion in the same period of 2019.

The losses per share stood at AED 0.0639 in H1-20, against the earnings per share (EPS) of AED 0.0135 in H1-19.

At the same time, the property developer's gross debt declined by AED 377 million during H1-20.

 The chairman of DAMAC Properties, Hussain Sajwani, said: "We are optimistic that the lead up to the Dubai Expo at the end of 2021 will allow some of the excess real estate supply to be absorbed."

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company reported losses of AED 106 million, against a profit of AED 31.1 million for the same period of 2019.