(MENAFN) Dubai's Damac Properties reported a 38 percent fall in first-quarter net profit, despite surging revenue, because of the effect of a big one-off gain a year ago, Emirates 24/7 reported.
The privately run developer, which listed on Dubai's bourse in January, announced that its net profit amounted to USD215.8 million in the three months ending March 31.
"When we gave bonus shares there were a lot of questions from investors - we felt we should explain our dividend strategy for the coming two years," Damac chairman and chief executive said.
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