Low-and middle-earners would be spared from the extra fiscal burden, says Antoine Armand
europe53 minutes ago
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.
Low-and middle-earners would be spared from the extra fiscal burden, says Antoine Armand
europe53 minutes ago
The highly anticipated 321 Festival, which features live entertainment, will take place at two locations from December 6-8
uae55 minutes ago
Cheapest-to-deliver cash bond set to be scarce
economy56 minutes ago
The momentous occasion will be honoured by the presence of Yusuff Ali, chairman of Lulu Group International, who will inaugurate the store, marking a significant milestone in Meralda’s global growth journey
kt network1 hour ago
Dozens take to the streets of Berlin in joy shortly after Iran launches a direct attack on Israel
mena1 hour ago
Addressing the Parliamentary Assembly of the Council of Europe on Tuesday in his first public comments since his release, Assange said he had 'pleaded guilty to journalism'
americas1 hour ago
Seats are limited, so don't forget to reserve your spot
lifestyle1 hour ago
Having secured around 29% of the vote, FPO would need a coalition partner to govern but the other parties have said they are not interested
europe1 hour ago