Dubai developer Deyaar in the black in Q3
Dubai, November 2, 2011
Dubai developer Deyaar , the emirate's second largest developer by market value, eked out a small profit in the third quarter and reiterated it would hand over two towers by year end.
Deyaar, badly hit by Dubai's property bust, had a profit of Dh600,000 ($163,345) in the quarter ended September 30, according to Reuters calculations based on past financial statements. That compared with a loss of Dh145 million in the prior-year period.
The developer did not provide quarterly results. It said it earned a net profit of Dh45 million in the first nine months of the year, compared to a loss of Dh489 million last year, according to a statement on Dubai's bourse website.
Revenues for the nine months to September rose 54 percent to Dh665 million year-on-year, it said, adding it would deliver an office tower and residential tower in Dubai this year.
Dubai's housing market will lose another 10 percent of its value before it starts to improve, possibly not until 2013, a Reuters poll in October showed.
House prices and rents in the Gulf emirate have already plunged nearly 60 percent from their peak in 2008.
Deyaar's shares closed 0.4 percent lower on Wednesday, in line with weakness on Dubai's bourse. It released results after market close. - Reuters