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FINANCIAL NEWS
Dubai’s Deyaar reports USD7.4m profit in Q2
03 Aug 2013
(MENAFN) Dubai-based developer Deyaar reported a 31 percent increase in quarterly earnings on higher sales, Arabian Business reported.
The company said it made USD7.43 million net profit during the second quarter, up from USD5 million a year earlier.
The company also reported USD12.7 million net profit during the first dsix months of the current year, up from USD7.6 million a year ago.
In June, Deyaar unveiled two new projects this year as well as starting sales on another major development.
CEO Saeed Al Qatami said that one of the new projects would be an USD136 million residential development in the emirate’s Business Bay district, which it was in the process of securing bank financing for.
He added that the developer currently had a land bank of approximately 1 million sqft in Business Bay, located along Sheikh Zayed Road, Dubai’s main thoroughfare.
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