DAMAC Properties' profits fall for second consecutive quarter

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Mon, 14 Aug 2017 - 11:28 GMT

DAMAC logo - Wikipedia Commons/ Bashar Khallouf

DAMAC logo - Wikipedia Commons/ Bashar Khallouf

DUBAI - 14 Aug 2017: Dubai's DAMAC Properties (DAMAC.DU), the owner and operator of the only Trump-branded golf club in the Middle East, reported on Monday a fall in profits for the second quarter in a row.

The developer made 704.8 million dirhams ($191.9 million) in total comprehensive income for the April - June period, according to a statement to Dubai's bourse. This compares with income of 886.8 million dirhams in the same period last year.

DAMAC, Dubai's second-largest listed developer, hosted U.S. President Donald Trump's eldest sons Donald Trump Jr. and Eric Trump in February for the opening of the Trump International Gulf Club Dubai.

Donald Trump Jr. returned to Dubai in May to give the commencement speech at a local university and also met with DAMAC's founder and Chairman Hussain Sajwani during his visit.

The property firm's second-quarter revenue was 1.57 billion dirhams, down from 1.75 billion dirhams in the same period a year ago.

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