Deyaar suffers $40m loss in Q3

06 Nov 2010

(MENAFN) Deyaar, Dubai’s second-largest property developer by market value, suffered a third-quarter net loss of $39.5 million, the company said, missing an analyst forecast.

The company, a rival of Emaar Properties and Union Properties, also said that gross revenue for the period came in at $17 million. Total equity stood at $1.7 billion at the end of September, it said.

In February, Deyaar’s former chief executive said the company was on track to hand over six projects in 2010 but postponed a $137 million distressed property fund that month due to difficult market conditions.

Dubai’s once-booming property sector has been hit hard by the global financial crisis as developers slowed or cancelled projects and jobs were slashed.

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