The star is not shining anymore
Damac Properties has released its Q2 2017 figures, showing a 10.5% decrease, yoy, in its revenue to AED1.57bn. On the other hand, the company’s direct costs decreased by 6%, yoy, which resulted in gross margin of 54.5% (vs. 56.5% in Q2 2016).The company was not able to control its GA&S expenses which have increased by 28% to AED252m, resulting in a 20.9% decrease, yoy, in its comprehensive income to AED701.3m.
H1 2017 profits fell 18% to AED1.59bn from AED1.94bn in the prior-year period (45.1% Net income margin vs.
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