DUBAI: Dubai's Damac Properties has proposed a 10 percent bonus share issue equivalent to 500 million dirhams ($136.1 million), the developer said in a bourse statement on Monday.

Earlier this month, Damac reported a fourth-quarter net profit of $249.8 million, up 11 percent from the year-ago period.

DAMAC's 2014 full-year profit was $937 million, up from $641.5 million in 2013, the company said in a filing to London's bourse.

Copyright Reuters, 2015