Deyaar profit doubles on new project launch
Dubai, July 23, 2014
Dubai-based property developer Deyaar said on Wednesday its second-quarter net profit more than doubled, buoyed by the launch of its hotel apartment project.
Deyaar made a quarterly consolidated net profit of Dh62.5 million ($17 million) compared with Dh27.3 million in the corresponding period in 2013.
Sico Bahrain had estimated the company would make a first-quarter profit of Dh36.5 million.
In April, the developer launched sales of hotel apartments at its project "The Atria" in the Business Bay area, which neighbours the emirate's most popular area of Downtown Dubai, housing the world's largest tower Burj Khalifa. - Reuters