Dubai – Mubasher: DAMAC Properties reported a 25% decline in net losses by the end of the first half (H1) of 2021 to AED 290.6 million, down from AED 386.7 million in H1-20.

The decrease in losses resulted from a lower loss allowance on trade receivables to about AED 60.8 million, compared with AED 174.9 million in H1-20, in addition to the AED 437.9-million provision for impairment on development properties in the comparable period last year.

The company registered a revenue of AED 1.4 billion, with sales of AED 2.6 billion and deliveries of about 2,700 units in Dubai, according to the company’s statement to the Dubai Financial Market (DFM) on Sunday.