DUBAI, May 15 (Reuters) - Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, posted a 45 percent drop in first-quarter profit from a year earlier although profit rose marginally from the previous quarter.
The results came as Dubai, its core real-estate market, is under pressure due to lower property prices and subdued sales as new developments hit the market.
DAMAC’s net profit was 484 million dirhams ($132 million), down from 880 million dirhams a year earlier, it said in a statement.
Arqaam Capital had forecast a net profit of 635 million dirhams and EFG Hermes’ projection was 610 million dirhams for first-quarter net profit.
DAMAC’s net profit, however, was above its fourth-quarter profit of 459 million dirhams, the company said.
Residential property prices in Dubai registered a 12-month decline of 2 percent on average, while rents declined by up to 5 percent in some areas, according to real estate consultancy Cavendish Maxwell. ($1 = 3.6730 UAE dirham) (Reporting by Saeed Azhar; Editing by Ghaida Ghantous and Gopakumar Warrier)