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Deyaar Development’s Net Profit Down by 74 Per Cent
DUBAI — Dubai-based real estate company, Deyaar Development, posted a 74 per cent drop in third-quarter earnings, reflecting the impact of the downturn in the emirate’s property sector.
Deyaar on Monday said its net profit for the third-quarter reached Dh8.16 million, compared to Dh312 million a year earlier. Revenue stood at Dh450.3 million, a hefty drop from last year’s revenue of Dh1.013 billion.
The company’s third-quarter profit rose 8 per cent from the second quarter profit of Dh75.3 million, while revenue for the period increased by 12 per cent from Dh402.1 million in the
previous quarter. “While global economic challenges continue to impact overall revenues, Deyaar continued to be profitable through the first nine months of the year, maintaining a positive operational cash flow,” said Markus Giebel, Deyaar chief executive officer said in a statement to the Dubai bourse. Deyaar which previously committed to complete more than its projects in 2010, said it also expects to continue doubling the size of its property portfolio. “I am confident that we will continue to be profitable for the rest of the year.” In June, Giebel said the company was eyeing expanding its presence overseas to diversify its portfolio.
Property companies in Dubai are still reeling from the global economic crisis, with property prices in the emirate halving from their peak last year. Deutsche Bank last June said prices may come down further by 20 per cent as new supply is coming on stream amid a lacklustre demand.
Deyaar shares on Monday, rose ahead of its announcement, ending up 2.3 per cent higher at Dh0.88.
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