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Damac records decline in losses in 9M

Damac records decline in losses in 9M
The company's revenues decreased to AED 2.393 billion
Damac
DAMAC
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Dubai – Mubasher: The net losses of DAMAC Properties retreated to AED 480.515 million during the first nine months of 2021, compared to AED 931.304 million in the year-ago period, as shown by the company's unaudited consolidated interim financials for the nine-month period ended 30 September 2021.

Lower losses are driven by a decline in revenue recognition and higher selling and general admin expenses resulting from higher booked sales reported during the period.

The company's revenues decreased to AED 2.393 billion in the January-September period of 2021 from AED 3.651 billion in the same period of 2020.

The basic and diluted losses per share settled at AED 0.0794 in the first nine months of 2021, versus AED 0.1539 in the corresponding period of the earlier year.

In the third quarter (Q3) of 2021, the company's net losses amounted to AED 189.878 million, down from AED 544.613 million in the year-ago period.

It is noteworthy to mention that during the first half (H1) of 2021, the company reported a 25% decline in net losses to AED 290.6 million, down from AED 386.7 million in H1-20.