{"id":22851,"date":"2016-08-14T18:12:24","date_gmt":"2016-08-14T11:12:24","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=22851"},"modified":"2016-08-14T16:31:25","modified_gmt":"2016-08-14T09:31:25","slug":"profits-at-dubai-developer-damac-fall-by-more-than-a-third","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/profits-at-dubai-developer-damac-fall-by-more-than-a-third\/","title":{"rendered":"Profits at Dubai developer Damac fall by more than a third"},"content":{"rendered":"


\nProfits at Damac fell by more than a third in the second quarter of 2016 as the Dubai developer blamed a slow Ramadan for a fall in property sales.The glitzy developer, known for offering buyers fancy cars and boats as inducements to purchase flats in luxury towers in Dubai and across the Middle East, reported this morning that profits for the three months to the end of June 2016 fell to Dh886 million, down 37 per cent compared with the Dh1.4 billion it made during the same period a year earlier.Revenues for the third quarter fell by a quarter to Dh1.7bn from Dh2.3bn during the same period a year earlier as the company delivered 494 completed homes in the first half of the year in Dubai and Beirut.Damac said that it booked property sales worth Dh3.63bn during the period – “marginally below the previous three quarters run rate, due primarily to the full impact of Ramadan in this quarter”.Profits for the first six months of 2016 were down 36 per cent to Dh1.9bn from the Dh2.6bn the company made during the same period a year earlier while revenue for the half year was down 42 per cent to Dh3.3bn from Dh4.7bn.House prices in Dubai have been falling for the past two years as the emirate’s economy has been hit by the falling price of oil and a strong dirham making it more expensive for some overseas buyers to purchase Dubai property.Last month property broker JLL revised its forecast for a recovery in the Dubai market back by six months to the start of 2017 due to an anticipated negative impact on the market by Britain’s decision to leave the European Union.Nonetheless, Damac said that it expected to achieve full year sales of more than Dh7bn as it plans to deliver between 2,700 and 3,000 new homes.”With the first half of 2016 behind us, we are more optimistic today about the business and expect to end 2016 in a more positive position,” said Damac chairman, Hussain Sajwani.Damac shares were down 0.42 per cent in trading by 11am this morning at Dh2.38.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Profits at Dubai developer Damac fall by more than a third<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Profits at Damac fell by more than a third in the second quarter of 2016...<\/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-22851","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\/p75ss1-5Wz","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":22851,"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":28709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-damac-targets-millennials-with-akoya-selfie-villa-project\/","url_meta":{"origin":22851,"position":1},"title":"Dubai developer Damac targets millennials with Akoya Selfie villa project","date":"October 5, 2016","format":false,"excerpt":"\r Damac Properties is making another attempt to attract millennials to buy its homes with the sales launch this weekend of its latest villa community Akoya Selfie.The Dubai listed developer announced today that it would open sales on a collection of three-bedroom villas at its 55-million-square foot Akoya Oxygen development\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":22851,"position":2},"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":22851,"position":3},"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":112016,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/major-dubai-property-developer-pulls-dividend-payouts-amid-slump-admits-it-doesnt-have-the-cash\/","url_meta":{"origin":22851,"position":4},"title":"Major Dubai property developer pulls dividend payouts amid slump, admits it doesn't have the cash","date":"October 30, 2019","format":false,"excerpt":"\r The decision comes after Damac reported an 87% plunge in second quarter profits. Housing oversupply in Dubai has driven prices down at least a quarter since 2014.\r \r Source : cnbc.com\r Read more...Major Dubai property developer pulls dividend payouts amid slump, admits it doesn't have the cash","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":22851,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22851"}],"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=22851"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22851\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=22851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=22851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=22851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}