May 15, 2017 / 5:39 AM / 2 months ago

Dubai's DAMAC Properties Q1 net profit falls 16.2 pct

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DUBAI, May 15 (Reuters) - Dubai's DAMAC Properties reported a 16.2 percent fall in first-quarter net profit on Monday as sales costs rose.

The developer reported a net profit of 880.4 million dirhams ($239.7 million) for the three months to March 31, down from 1.05 billion dirhams in the same period last year, according to a statement to Dubai's bourse.

The property firm's first-quarter revenue was 1.95 billion dirhams, up from the 1.62 billion dirhams it posted in the same period a year earlier. The firm's cost of sales rose to 887.3 million dirhams in the quarter, from 632.0 million dirhams in the same period of last year.

$1 = 3.6726 UAE dirham Reporting by Tom Arnold; Editing by Sunil Nair

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