Developer makes $52mln Q1 net loss on lower revenue recognition.
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Damac Properties has posted an AED1.04 billion ($283 million) net loss for 2020 compared to AED37 million ($10 million) the year before.
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There is a clear pattern forming with Damac at the moment that they are continuing to build residential developments, but evidently, from their results, they are not selling enough property.
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Dubai developer, however, managed improved revenues in a tough operating environment
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The company reported a loss of Dh280.5m for the three months ending June 30
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Damac Properties slipped to a loss in Q1 2020 despite higher revenue.
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Damac Properties recorded a sharp decline (46 per cent) in nine-month revenues to Dh2.8 billion from Dh5.2 billion. Net profit was down to Dh133 million from Dh1.1 billion a year ago, a drop of almost 88 per cent.
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