{"id":12192,"date":"2016-05-09T15:24:19","date_gmt":"2016-05-09T08:24:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=12192"},"modified":"2016-05-09T13:49:24","modified_gmt":"2016-05-09T06:49:24","slug":"damac-properties-first-quarter-net-profit-drops-15-per-cent","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-properties-first-quarter-net-profit-drops-15-per-cent\/","title":{"rendered":"Damac Properties first-quarter net profit drops 15 per cent"},"content":{"rendered":"


\nDubai-based developer Damac Properties reported a 42 per cent decline in year-on-year sales for the first quarter of 2016 of Dh1.62 billion compared with Dh2.8bn a year earlier.Net profit also dropped by 15 per cent to Dh1.05bn.The amount of new sales booked during the quarter were Dh2bn – a drop of 75 per cent on the same period last year.However, Damac said that sales were flat quarter-on-quarter and were 5 per cent higher than at their recent low point in the third quarter of 2015. The company’s chairman, Hussain Sajwani, said that its figures showed the Dubai market “is defying the skeptics”.”The levels of interest, activity, transaction values and volumes are solid.”The company also said that it had broadened its product range, with the introduction of its six-tower, four million square foot Aykon City development fronting Sheikh Zayed Road. “We believe Dubai is well set for continued growth, and we expect the city will consistently outperform more established metropolitan centres around the world,” Mr Sajwani said. “We remain very positive on the future of the real estate sector in Dubai, and expect very healthy progress as further infrastructure investment leads developments through 2020.”During the quarter, it handed over 306 units at the Damac Maison Royale The Distinction project in Business Bay. The developer expects to hand over between 2,700 and 3,000 new units by the end of 2016.mfahy@thenational.ae
\n
\nSource : thenational.ae
\nRead more…Damac Properties first-quarter net profit drops 15 per cent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-based developer Damac Properties reported a 42 per cent decline in year-on-year sales for the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-12192","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3aE","jetpack-related-posts":[{"id":33350,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-profit-slips-as-it-looks-ahead-to-stronger-performance-from-dubai-property-market-2\/","url_meta":{"origin":12192,"position":0},"title":"Damac profit slips as it looks ahead to stronger performance from Dubai property market","date":"November 7, 2016","format":false,"excerpt":"\r Damac Properties reported an 11.7 per cent fall in third quarter profits, as the developer's chairman acknowledged that 2016 would be remembered as \"the year of market turmoil and macroeconomic pressures\". Damac, the company behind Dubai's Akoya development, said its profit for the three months to the end of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54865,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-positive-amid-tough-market\/","url_meta":{"origin":12192,"position":1},"title":"Damac positive amid tough market","date":"May 15, 2017","format":false,"excerpt":"\r Damac Properties yesterday reported a 16 per cent fall in first-quarter net profit, missing analysts' forecasts, because of lower property development revenue and a sharp drop in income from the cancellation of units. The Dubai-based developer of Damac Hills and Aykon City posted a net income of Dh880 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44123,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/signs-of-momentum-for-dubai-property-sector\/","url_meta":{"origin":12192,"position":2},"title":"Signs of momentum for Dubai property sector","date":"February 15, 2017","format":false,"excerpt":"\r Two of Dubai's largest property developers reported on Tuesday a boost in fourth-quarter net profit, prompting further hopes of a Dubai market recovery.Burj Khalifa developer Emaar Properties said net profit for the three months to the end of December 2016 increased by 56 per cent, climbing to Dh1.61 billion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-profit-slips-as-it-looks-ahead-to-stronger-performance-from-dubai-property-market\/","url_meta":{"origin":12192,"position":3},"title":"Damac profit slips as it looks ahead to stronger performance from Dubai property market","date":"November 7, 2016","format":false,"excerpt":"\r Damac Properties reported an 11.7 per cent fall in third quarter profits, as the developer's chairman acknowledged that 2016 would be remembered as \"the year of market turmoil and macroeconomic pressures\". Damac, the company behind Dubai's Akoya development, said its profit for the three months to the end of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4452,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tough-time-ahead-for-dubai-developer-damac-as-profit-falls\/","url_meta":{"origin":12192,"position":4},"title":"Tough time ahead for Dubai developer Damac as profit falls","date":"February 12, 2016","format":false,"excerpt":"\r \r Damac warned that it was facing a \"challenging competitive environment\" after the Dubai developer posted an 8 per cent drop in fourth-quarter profit.In its full-year results for 2015, Damac said that market conditions in Dubai had cooled significantly since the previous year as profit for the three months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54821,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-properties-q1-profit-down-16-2\/","url_meta":{"origin":12192,"position":5},"title":"Damac Properties Q1 profit down 16.2%","date":"May 15, 2017","format":false,"excerpt":"\r Dubai's Damac Properties reported a 16.2 per cent fall in first-quarter net profit on Monday as sales costs rose.The developer reported a net profit of Dh880.4 million for the three months to March 31, down from Dh1.05 billion in the same period last year, according to a statement to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/12192"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=12192"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/12192\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=12192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=12192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=12192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}