DUBAI, Nov 14 (Reuters) - Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, on Wednesday reported a 68 percent plunge in third-quarter net profit as revenue dropped.
The developer reported a net profit of 230.8 million dirhams ($62.8 million) for the three months ended Sept. 30, according to a statement to Dubai’s bourse. This compared with a 719.3 million dirhams profit in the year-ago period.
EFG Hermes forecast the firm would make a quarterly net profit of 340 million dirhams.
Residential prices in Dubai have dropped more than 15 percent since 2014, in part as a result of soft demand and a raft of new supply hitting the market.
The long-running slowdown in Dubai's residential real estate market will continue next year, but the market is expected to recover by end of 2020 or 2021, Dubai-based news service Zawya quoted Hussain Sajwani, chairman of Dubai's Damac Properties, as saying at a conference on Monday. bit.ly/2QERe9H
The property firm’s third-quarter revenue came in at 1.54 billion dirhams, down from 2.29 billion dirhams in the previous year.
$1 = 3.6728 UAE dirham Reporting By Tom Arnold, Editing by Sherry Jacob-Phillips