FINANCIAL NEWS

Deyaar swings to $66.2m loss in Q2

14 Aug 2010

(MENAFN) Dubai’s second-largest property developer by market value Deyaar said it swung to a net loss in the second quarter, Reuters reported.

The developer made a net loss of $66.16 million in the three months to June 30 compared with $20.88 million in the same period last year, according a company statement on the bourse website.

Deyaar had made a first quarter net loss of $27 million on the back of significant provisions.

The developer, which rivals Emaar Properties and Union Properties dismissed its chief executive in April as part of a restructuring plan and appointed Saeed al-Qatami as acting chief

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