Dubai's Damac Properties third quarter profit slips

Dubai's DAMAC Properties reported a 11.7 percent fall in third-quarter net profit on Monday as revenue slipped. The developer reported a net profit of 902.0 million dirhams ($245.6 million) for the three months ended September 30, according to a statement to Dubai's bourse. This is down from 1.02 billion dirhams a year earlier.
EFG Hermes forecast the firm would make a quarterly net profit of 707.0 million dirhams. DAMAC's third-quarter revenue was 1.75 billion dirhams. This compares with 2.02 billion dirhams a year earlier.