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