FINANCIAL NEWS

Dubai’s Deyaar reports USD1.4m profit in Q3

25 Oct 2012

(MENAFN) Dubai’s No.2 developer Deyaar reported USD1.4 million net profit during the third quarter, up from USD190,529 a year ago, Reuters reported.

The company said it successfully halved its direct costs in the quarter to USD25.07 million from USD49.16 million a year earlier.

That offset a revenue fall to USD37.4 million in the quarter from USD50.2 million a year ago.

Deyaar was one among several property firms in Dubai hit hard by the emirate’s property market collapse in 2008.

The company plans to focus on the completion of existing projects and generating income from its facilities management and leasing businesses, Deyaar said.

Earlier this month, CEO Saeed Al Qatami said the firm will focus on selling more than 400 unsold units from its old projects.

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