Deyaar to deliver 3 projects this year
Dubai, April 19, 2012
Struggling Dubai developer Deyaar posted a 64 percent drop in its first-quarter net profit and said it plans to deliver three long-pending projects by the end of this year.
Deyaar made a net profit of 9.4 million dirhams ($2.56 million) during the first-quarter, compared with 26.3 million dirhams in the prior-year period.
Dubai's second-largest property developer by market value said its gross revenues reached 150 million dirhams in the quarter and its total assets were valued at 6.7 billion dirhams.
Deyaar, badly hit by Dubai's property bust, continues to reel under the impact of the global financial crisis. The company said the repercussions of this were seen on the first quarter as well.
"We look forward to delivering another three projects over the course of this year," Saeed Al Qatami, chief executive of Deyaar said in a statement.
The statement gave no details of the projects which the company was working on. - Reuters