February 9, 2015 / 5:07 AM / 3 years ago

Dubai's Damac Properties proposes 10 pct bonus share issue

DUBAI, Feb 9 (Reuters) - Dubai's Damac Properties has proposed a 10 percent bonus share issue equivalent to 500 million dirhams ($136.1 million), the developer said in a bourse statement on Monday.

Earlier this month, Damac reported a fourth-quarter net profit of $249.8 million, up 11 percent from the year-ago period.

DAMAC's 2014 full-year profit was $937 million, up from $641.5 million in 2013, the company said in a filing to London's bourse.

$1 = 3.6730 UAE dirhams Reporting by Nadia Saleem; editing by Matt Smith

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