Deyaar profit grows marginally
Dubai, February 5, 2013
Dubai developer Deyaar on Tuesday reported a marginal increase in full year net profit, as it booked gains from deliveries of long-pending commercial and residential properties in the emirate.
Deyaar, the emirate's second largest developer by market value, made a consolidated net profit of 38.6 million dirhams ($10.5 million) in 2012, compared with 37.7 million dirhams in the year-ago period, it said in an emailed statement.
Its fourth-quarter net profit was 5.4 million dirhams compared with a loss of 7.8 million dirhams in the prior-year period, Reuters calculated based on the full year earning figures provided by the company.
No quarterly figures were provided and Reuters calculated the quarterly figure from previous financial statements.
The earnings fell well short of an estimate by SICO Bahrain which expected a fourth-quarter profit of 22.6 million dirhams.
The developer, one of the many property firms in Dubai that were badly hit by the real estate bust in 2009, has focused on completion of stalled developments and have not announced any new project in years.
Deyaar delivered a total of 629 commercial and residential units to customers in 2012 at a total sales value of 600 million dirhams, it said.
Property firms in Dubai are gradually recovering from a real estate collapse that saw home prices in the emirate plunge by over 50 percent from its peak in 2008.
Emaar Properties, Dubai's largest developer, posted a 28 percent drop in fourth-quarter net profit last week, as it revived some of its stalled projects. - Reuters