Dubai – Mubasher: The interim financials of DAMAC Properties recorded net losses of AED 931 million in the first nine months of 2020, versus AED 133 million net profits in the year-ago period.

The company's revenues increased to AED 3.65 billion in the January-September period of 2020 from AED 2.76 billion in the corresponding period of 2019.

The company's booked sales declined to AED 1.6 billion in the first nine months of 2020 from AED 2.4 billion for the similar period last year.

The basic and diluted loss per share (EPS) stood at AED 0.154 during the first nine months of 2020, against earnings per share (EPS) of AED 0.0219 in the same period of the earlier year.

The Chairman of DAMAC Properties, Hussain Sajwani, said: "DAMAC’s strong balance sheet has allowed it to absorb much of the market shock and we are optimistic that Dubai Expo next year will reap positive rewards for the real estate industry as sales and transactions will increase, offsetting the dip in the market due to Covid-19."

It is noteworthy to mention that in the first half (H1) of 2020, the company has logged net losses of AED 386.69 million, against net profits of AED 81.63 million in the corresponding period of 2019.