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Deyaar ... company makes big recovery.

Deyaar Q3 net profit nearly doubles

DUBAI, October 22, 2014

Dubai's Deyaar Development reported a 94 per cent rise in third-quarter net profit on Wednesday as sales at a newly-launched residential project boosted earnings.

Deyaar, one of the companies worst hit by the emirate's property market collapse in 2009-2010, made a quarterly profit of Dh78.5 million ($21.37 million) in the three months to September 30, up from Dh40.5 million ($11 million) in the corresponding period of 2013.

An analyst at Sico Bahrain forecast Deyaar's quarterly profit would be Dh49.6 million ($13.5 million).

The Dubai developer said it concluded sales of residential units at Tower-1 of its Montrose project, with the majority of units sold in the third quarter. - Reuters




Tags: Dubai | property | Deyaar |

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