The Dubai-listed developer Damac Properties has reported a 37% slide in second-quarter profits compared to the same period last year.

Damac saw net profit figures come in at AED 887 million ($241.4m) in Q2 2016 as compared to AED 1.4 billion ($381.1m) recorded in 2015, according to a statement on its website.

Profit for the first six months of 2016 was also lower at AED 1.9 billion ($517.2m), a drop of 27% from last year’s H1 profit of AED 2.6 billion ($707.8m).

Revenues in Q2 2016 also decreased 24% year-on-year from AED 2.3 billion ($626.1m) in 2015 to AED 1.7 billion ($462.8m) in 2016, while on a half-yearly basis, revenues were recorded at AED 3.3 billion ($898.4m) in H1 2016 as compared to AED 4.7 billion ($1.2bn) in H1 2015.

Damac did however report gross margins of 59% for H1 2016. It has also seen the launch of successive phases in developments like Aykon City, Ghalia and Akoya Oxygen.

The company stated that its booked sales for H1 2016 was recorded at AED 3.63 billion ($1.7bn) and that it is on track to meet its full-year sales guidance.

“The Dubai market remains solid. The levels of interest in our new product launches and existing portfolio are healthy,” said Hussain Sajwani, Chairman of Damac Properties.