Dubai’s Deyaar reports a small profit in Q3

03 Nov 2011

(MENAFN) Deyaar, Dubai’s second largest developer by market value, reported a USD163,34 profit in the third quarter from USD39.5 million loss a year earlier, Reuters reported.

The developer was hit hard by Dubai’s financial crisis and property bubble burst which halved realty prices.

Deyaar also reported nine months profits of USD12.24 million from USD133.1 million losses a year earlier.

It added that its 9-months revenues rose 54 percent to USD181 million. Deyaar reiterated it would deliver two towers by year end.

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