{"id":33350,"date":"2016-11-07T15:34:40","date_gmt":"2016-11-07T08:34:40","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=33350"},"modified":"2016-11-07T13:19:39","modified_gmt":"2016-11-07T06:19:39","slug":"damac-profit-slips-as-it-looks-ahead-to-stronger-performance-from-dubai-property-market-2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-profit-slips-as-it-looks-ahead-to-stronger-performance-from-dubai-property-market-2\/","title":{"rendered":"Damac profit slips as it looks ahead to stronger performance from Dubai property market"},"content":{"rendered":"


\nDamac 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 September fell to Dh902 million, compared with Dh1.02 bn in the same period last year. The developer’s revenue fell 13.3 per cent, to Dh1.74 billion, compared to Dh2bn a year earlier. Profits came in 10 per cent higher than a mean of analyst estimates compiled by Bloomberg. “The market is definitely challenging, investors today are seeking better value,” said Damac chairman Hussain Sajwani.”However, with a medium to long term view, we believe that Dubai is well positioned for continued growth, and we expect the city to consistently outperform more established metropolitan centres around the world.”Damac said that it delivered over 800 units in its flagship Akoya development during the third quarter, taking the total delivered properties for the year to over 1,300 units.The developer said that it expected to meet the lower end of its guidance range of 2,700 to 3,000 delivered units during the year, despite “unforeseen delays” to some of its international projects.It said that with the seasonally strong fourth quarter to come, that management reiterated its guidance for full year sales to be greater than Dh7bn.Damac shares have lost 5.6 per cent of their value so far this year, compared with a 4 per cent gain by the Dubai index as a whole.jeverington@thenational.ae
\n
\nSource : thenational.ae
\nRead more…Damac profit slips as it looks ahead to stronger performance from Dubai property market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Damac Properties reported an 11.7 per cent fall in third quarter profits, as the developer’s...<\/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-33350","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\/p75ss1-8FU","jetpack-related-posts":[{"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":33350,"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":22851,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/profits-at-dubai-developer-damac-fall-by-more-than-a-third\/","url_meta":{"origin":33350,"position":1},"title":"Profits at Dubai developer Damac fall by more than a third","date":"August 14, 2016","format":false,"excerpt":"\r Profits 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\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":33350,"position":2},"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":37984,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-awards-contracts-worth-dh1-26bn-in-last-four-months\/","url_meta":{"origin":33350,"position":3},"title":"Damac awards contracts worth Dh1.26bn in last four months","date":"December 14, 2016","format":false,"excerpt":"\r Lucy BarnardDubai developer Damac awarded 15 construction and consultancy contracts worth Dh1.26 billion in the four months between August and November, the company said on Tuesday.Damac said this included main works contracts for villas and apartments at several clusters at its 42-million-square foot Akoya golf course development.It also included\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-properties-first-quarter-net-profit-drops-15-per-cent\/","url_meta":{"origin":33350,"position":4},"title":"Damac Properties first-quarter net profit drops 15 per cent","date":"May 9, 2016","format":false,"excerpt":"\r Dubai-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\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":33350,"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\/33350"}],"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=33350"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/33350\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=33350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=33350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=33350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}