DUBAI, April 22 (Reuters) - Dubai's Damac Properties reported a 38 percent fall in first-quarter net profit on Wednesday despite surging revenue because a year earlier its bottom line benefitted from a big one-off gain from an associate.
The privately-run developer, which listed on Dubai's bourse in January, made a net profit of 792.9 million dirhams ($215.87 million) in the three months to March 31, Damac said in a statement.
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