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DAMAC Properties reports rise in losses in Q1-21

DAMAC Properties reports rise in losses in Q1-21
The company generated revenues of AED 642.226 million
Damac
DAMAC
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Dubai – Mubasher: The net losses of DAMAC Properties increased to AED 189.622 million during the first quarter (Q1) of 2021, compared to AED 106.127 million in the year-ago period, according to the company's consolidated interim financials for the three-month period ended 31 March 2021.

The company generated revenues of AED 642.226 million in the first three months of 2021, down from AED 1.229 billion in the same quarter of 2020.

The basic and diluted loss per share settled at AED 0.0313 in Q1-21, against AED 0.0175 in Q1-20.

It is noteworthy to mention that in 2020, the company incurred AED 1.039 billion net losses, compared to AED 37 million in 2019.