Deyaar doubles Q1 profit on buoyant local market
Dubai, May 2, 2013
Dubai's Deyaar Development reported on Thursday a doubling of first-quarter net profit, which the developer attributed to improving sentiment in the emirate's real estate sector.
The firm posted a net profit of Dh19.4 million ($5.3 million) for the first three months of 2013, up from the Dh9.4 million made in the same period last year.
An analyst at SICO Investment Bank in Bahrain forecast a profit of Dh18.4 million.
"The real estate market has seen an incline, which has backed our growth and will continue to do so in the future," Abdulla Ali Obaid Al Hamli, chairman of Deyaar, said in the statement.-Reuters