Deyaar Q2 net profit slumps 69.5 per cent
Dubai, July 12, 2009
Dubai developer Deyaar's second-quarter net profit fell 69.5 per cent from the year-earlier period, as the emirate's once-booming real estate sector continued to suffer a sharp slowdown.
The emirate's second-largest developer by market capitalisation made a net profit of 75.4 million dirhams ($20.53 million) in the second quarter, the firm said in a statement on Sunday. It posted a profit of 246.9 million dirhams in the same quarter last year.
The company was not immediately available for comment. Net profit rose 38 percent from the first quarter of 2009, the statement said.
Total revenue for the second quarter was 402 million dirhams and total assets were 11.3 billion dirhams, it said.
'By the end of the year, the company expects to have delivered nearly 4 million square feet of units for 2009,' Deyaar said, adding it was on course to hand over seven projects this year.
Earlier this month Deyaar said it expected to close a 500 million dirham distressed debt fund by year-end. The firm's shares closed 1.41 percent lower at 0.70 dirhams on Sunday, underperforming Dubai's index which ended 0.1 percent lower at 1,680 points. Deyaar's results were released after the close of trading.-Reuters