Dubai’s Deyaar swings to profitability in Q4 2012

06 Feb 2013

(MENAFN) Dubai-based developer Deyaar said it made USD1.5 million net profit during the last quarter of 2012, versus USD2 million loss a year earlier, Reuters calculations showed, based on the full year earning figures provided by the company.

As for the full-2012, the emirate’s No.2 developer by market value posted USD10.5 million net profit, up from USD10.26 million in 2011.

The company booked gains from delivering delayed commercial and residential properties in Dubai during last year.

Deyaar handed over 629 commercial and residential units to customers during last year, with total sales value of USD163.3 million.

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