(MENAFN- Khaleej Times)Dubai's Damac Propertieson Wednesdaysaid 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 1.42billion dirhams ($386.6 million) for the three months to June 30 according to a statement to Dubai's bourse. This was up from 461.1million dirhams a year earlier. Damac also announced an interim dividend of 10 per cent cash and 10 per cent 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 $385.3million up from $253.3million a year ago. This unit's quarterly revenue was $630.9million of which $368.8million was from constructed apartments and $262.1million from land sales. Total quarterly revenue for the prior-year period was $556.1million.
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