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FINANCIAL NEWS
UAE’s Deyaar H1 net profit USD12m
11 Aug 2011
(MENAFN) UAE’s Deyaar said that since the company delivered its projects, in the first half of 2011, the developer’s net profit reached USD12 million compared with a loss of USD66 million in 2010’s same period, reported Gulf News.
Dubai’s second biggest developer added that in the period, gross revenue surged 48 percent to reach USD130.6 million from USD88 million in 2010.
It also said that the company restructured its Islamic financing obligations with an extended repayment period and a substantial reduction in profit rates in order to manage its liquidity.
It is worth noting that the company takes 10 percent to 20 percent from payments when it delivers projects. In the period, the company managed to deliver its residential projects Mayfair Tower, Mayfair Residency, Clayton Residency and its commercial property, Metropolis Offices.
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