November 14, 2018 / 6:22 AM / a year ago

Dubai's DAMAC Properties Q3 profit dives 68 pct

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.

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

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