Dubai: Deyaar Development made a profit of Dh45 million in the first nine months of 2011 and is poised to deliver two towers by year-end, the company said in a statement to Dubai’s bourse yesterday.
The real estate firm was affected by the collapse of Dubai’s property sector and posted a net loss of Dh489 million in the corresponding period last year.
Deyaar did not provide separate results for the third quarter but said revenues for the nine months to September 30 rose 54 per cent to Dh665 million from Dh432 million in the year-before period.
Deyaar’s improved performance is due to a larger income stream in their portfolio and also the fact they are developing less, which means less outgoings,” said Matthew Green, head of research and consultancy for the UAE at CB Richard Ellis Middle East.
