Dubai's DAMAC Properties on August 05 said its second-quarter profit more than tripled as its subsidiary's revenue rose. The privately run developer, which listed on Dubai's bourse in January, reported a net profit of 1.42 billion dirhams ($386.6 million) for the three months to June 30, according to a statement to Dubai's bourse. This was up from 461.1 million dirhams a year earlier.
DAMAC also announced an interim dividend of 10 percent cash and 10 percent bonus shares. The cash payout will be its first since listing in Dubai. DAMAC Real Estate Development, DAMAC's wholly-owned subsidiary and owner of all its real estate assets, made a second-quarter profit of $385.3 million, up from $253.3 million a year ago.
This unit's quarterly revenue was $630.9 million, of which $368.8 million was from constructed apartments and $262.1 million from land sales. Total quarterly revenue for the prior-year period was $556.1 million.