November 7, 2016 / 5:02 AM / a year ago

Dubai's Damac Properties Q3 profit slips 11.7 pct

DUBAI, Nov 7 (Reuters) - Dubai’s DAMAC Properties reported a 11.7 percent fall in third-quarter net profit on Monday as revenue slipped.

The developer reported a net profit of 902.0 million dirhams ($245.6 million) for the three months ended Sept. 30, according to a statement to Dubai’s bourse. This is down from 1.02 billion dirhams a year earlier.

EFG Hermes forecast the firm would make a quarterly net profit of 707.0 million dirhams.

DAMAC’s third-quarter revenue was 1.75 billion dirhams. This compares with 2.02 billion dirhams a year earlier. ($1 = 3.6724 UAE dirham) (Reporting By Tom Arnold; Editing by Sherry Jacob-Phillips)

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