Damac Properties has reported a 15% slump in its first-quarter profits on the back of lower revenues, according to a statement by the Dubai-listed developer.

Its income statement shows revenues of AED 1.62 billion in the first three months of 2016, compared to AED 2.43 billion a year earlier.

Net profit for the reporting period stood at AED 1.05 billion ($285.9 million), a drop of 15% compared to Q1 2015.

Damac said that it expects to hand over between 2,700 and 3,000 units this year, with 306 units delivered in the Damac Maison Royale The Distinction project in Business Bay during the first quarter.

The developer reported booked sales of AED 2 billion in the first quarter, level with the last three months of 2015.

Despite the drop in profits Hussain Sajwani, Chairman of Damac, said the Dubai property market was positive.

“The Dubai market is defying the skeptics. The levels of interest, activity, transaction values and volumes are solid,” he said. “We believe Dubai is well set for continued growth, and we expect the city will consistently outperform more established metropolitan centers around the world.”