Damac Properties Dubai Co on Wednesday posted a 46.7% year-on-year drop in profits for the fourth quarter of 2017.
Net profit stood at AED 455.3 million ($123.93 million) in Q4-17, against AED 855.5 million ($232.88 million) in the same period a year earlier, Damac said in a filing to the Dubai Financial Market (DFM).
Meanwhile, net profit fell by 25% to AED 2,759.8 million in 2017, compared to AED 7,156.2 million in the year before.
General, administrative and selling expenses surged by 24% last year, the results showed.
Finance costs increased to AED 272.7 million in 2017, up from AED 182.6 million in the previous year.
Moreover, other operating income declined to AED 290.6 million last year, versus AED 594.1 million in 2016.