DUBAI (Reuters) - DAMAC Properties, owner of the only Trump-branded golf club in the Middle East, reported on Wednesday a 78% drop in third quarter profit amid an extended slowdown in Dubai’s property sector.
A supply glut has slowed the market for most of the decade, apart from a brief pickup more than five years ago, sending residential property prices down by at least a quarter since 2014.
DAMAC made 50.9 million dirhams ($13.9 million) in the three months to Sept 30, compared to 230.8 million dirhams a year earlier.
Revenue fell 42% to 895.4 million dirhams.
DAMAC Chairman Hussain Sajwani told Reuters last month that developers should refrain from launching new projects for up to two years to spur a market recovery.
DAMAC shares have fallen by around 45% this year with profits falling in the first three quarters, according to Refinitiv data.
Dubai announced in September the establishment of a planning committee tasked with regulating the sector.
Dubai’s largest listed developer Emaar Properties reported on Sunday a 20% rise in third quarter profit.
($1 = 3.6728 UAE dirham)
Reporting by Alexander Cornwell; Editing by Susan Fenton