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FINANCIAL NEWS
Dubai’s Deyaar reports profit at USD10.3m in 2011
05 Feb 2012
(MENAFN) Dubai-based Deyaar Development reported a small profit in 2011, after it suffered from losses in 2010, Reuters reported.
Dubai’s second largest developer by market value said that it made a net profit of 10.3 million last year, compared to a net loss of USD781.3 million in 2010.
Chief Executive Saeed Al Qatami attributed the full-year profit to the company’s strong core operations despite challenging market conditions.
Deyaar also made a USD1.98 million net loss in the fourth quarter of 2011, down from USD481.84 million a year ago.
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